Specialist insurer CFC has today announced the launch of a new cyber product designed for businesses with revenues up to £250m.

Among the features of the new policy, Cyber Proactive Response offers interim payments for business interruption; income loss from lost or missed bids; and affirmative coverage for AI events. The policy also covers theft of physical goods and invoice manipulation; emergency continuity costs; and contingent bodily injury coverage.

CFC says the new cover will also ensure that policyholders have access to unlimited reinstatements, with zero excess. For a lower premium, CFC also offers the option to pay only one deductible, regardless of how many cyber events insureds face within the policy term.

Global head of cyber at CFC, James Burns (pictured), said: “It’s been the norm for cyber insurers to cap what they will pay by aggregating the limit available under the policy while uncapping what an insured might have to pay, by making the deductible applicable to every single claim,” explains Burns. “But in a world where it’s increasingly possible to suffer a cyber event multiple times throughout the life of a policy, we want to reverse that dynamic and remove the burden for insureds by capping the amount they will have to pay.

“While including brand new elements of cover to now offer what we think is the broadest, most accessible cyber insurance policy available in the global market today, we recognise that fewer exclusions in a policy is equally important. While CFC has a track record of accepting 99% of all cyber claims, we want our clients to have complete confidence that we will be there for them at that critical moment when an incident strikes. CFC is on a mission to try and remove as many exclusions as possible from all our policies and we’ve struck six from this new cyber product.”

---