CFC has launched a tool to help brokers engage SME clients. The London-based specialist insurance provider said its Cyber Threat Review reports focus only on risks with a high likelihood of leading to a loss or claim, avoiding the dense analysis that often deters smaller firms.

Lindsey Maher, CFC’s head of global cyber development, said: "Existing reports available in the market have typically only ever been simple compilations of security hacks that companies would use to try and show prospective clients that they had weaknesses. They failed to provide a comprehensive report that actually correlated to true risk. As a result, SMEs have been overwhelmed with reams of stats and details of risks that they can’t relate to."

CFC's new reports summarise the most relevant threats and vulnerabilities for each business, outline the savings provided through CFC’s bundled cyber security services, and set out the potential financial impact of ransomware incidents. They also include explanations of common cyber terminology to help demystify the subject for non-technical readers.

CFC has also updated its Response App with a redesigned interface, personalised threat alerts, access to free cyber security tools and immediate reporting to the insurer’s cyber security team.

Cyber Threat Reviews are currently included with all SME cyber quotes and will be rolled out across trading platforms. The Response App remains free to all CFC cyber policyholders.

The global SME cyber market is estimated at around £24bn.

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