Cyber

Insurance app

by Mark Rowe

An underwriting agency, CFC Underwriting, has launched a cyber incident response application.

The app allows policyholders to notify a claim with a click of a button and receive support from CFC’s global cyber incident response team within, the London-based underwriters say, minutes. A user can access global cyber news, and configure the app so that excess insurers and other members of the policyholder’s incident response team are notified at the same time.

Anthony Hess, Head of Incident Response at CFC, says: “The longer it takes a policyholder to notify us that they’ve suffered a cyber incident regardless of whether it is an extortion demand or a system outage, the more damaging the impact can be on their business. Our claims service is at the heart of our cyber proposition and we wanted to make it as straightforward as possible for policyholders to access our help. Using the app, it will take just seconds to notify us that something has gone wrong and less than half an hour for our network of experts to respond.”

CFC reports that it insures over 25,000 companies against cyber risk in a variety of industries located in over 20 countries around the world. The number of cyber claims managed by CFC increased by 78pc from 2015 to 2016 and the main types of attack being claimed for were privacy breaches and financial loss. About 90pc of its claims by volume were from businesses with less than $50m in revenue.

Hess adds: “Our cyber insurance proposition has evolved to become an incident response service. We’re committed to continual investment in our team, service and systems to ensure our policyholders experience an exceptional claims service.”

CFC’s cyber incident response app runs on iOS, Android and Windows mobile phones; the firm adds that further functionality will be added over the coming months. Visit http://www.cfcunderwriting.com/.

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