* 100% Lloyd’s security
* 100% LLOYD’S SECURITY
* LONG, AWARD WINNING HISTORY
One of our markets (CFC) was one of the early pioneers of cyber insurance in London writing their first cover in 1999. Today, they have over 10,000 cyber clients in over 20 countries and the largest team of dedicated cyber and technology underwriters in London.
* $0 EXCESS
One of our markets (Ascent) will waive all excesses (other than any time period related excess) if the approved claims panel is used.
* UNLIMITED RETROACTIVE COVER
Most data breaches are discovered long after they first occur. The CFC policy is one of the very few to offer full cover for events that occur prior to the first inception date of the policy, aligning cover with the point when you first discover the breach rather than when it first occurred.
* CONTRACTUAL LIABILITY
Almost every contract client’s sign includes warranties and indemnities in relation to a breach of confidentiality, from merchant service agreements through to non-disclosure agreements. Understanding this major source of liability, the CFC underwritten policy is careful not to include a contractual liability exclusion. The Ascent underwritten policy responds to unintentional contract breaches with respect to technology services.
* COMPREHENSIVE COMPUTER CRIME COVER
Cyber crime is the fastest growing form of crime in the world yet most cyber policies still don’t cater for phishing scams, identity theft, and telephone hacking amongst others. The policies provide comprehensive crime cover for a wide range of electronic perils that are increasingly threatening the financial resources of today’s businesses.
* SYSTEM DAMAGE & SYSTEM BUSINESS INTERRUPTION
The system damage insuring clause provides full limit cover for loss or damage to data on an all risks basis, whilst the systems business interruption cover provides protection for the usual cyber perils against both web-facing and back-office platforms.
* SYSTEM REPAIR COST
On top of standard data repair and reconstitution, the cyber policy provides full limit cover for costs associated with reconfiguring and rebuilding systems and networks after a system failure or corruption, including staff overtime costs and external specialist consultants.
* BREACH NOTIFICATIONS COSTS OUTSIDE THE LIMIT
Understanding that the cost of notifying a privacy breach can be the primary concern for any business, the CFC policy provides a separate, dedicated limit for costs and expenses. In addition, all of the other main insuring clauses provide separate towers of cover ensuring that your critical cover will not be eroded by separate claims.
* FULL LIMITS FOR REGULATORY FINES AND INVESTIGATIONS
Surprisingly, the physical act of notifying individuals that their data has been compromised is now often the cheapest part of responding to a breach. The expense of forensic investigators and regulators, on the other hand, has meant that costs have sky rocketed in the past five years. Insurers do not impose sub-limits for regulatory and forensic investigation costs meaning that you are getting the right cover in the right area at the time when it is needed most.
* 72-HOUR EMERGENCY COSTS PROVISION
In the event of a major system failure or data security breach, the last thing you need to worry about is your insurance carrier. That’s why CFC includes a standard provision that allows you the ability to handle the incident with our pre-agreed panel of providers within the first 72 hours without any need for our prior written consent.
* FULL ACCESS TO CYBER RISK MANAGEMENT PORTAL
CFC provides all its cyber customers with access to the risk management portal. It not only provides information on our cyber incident hotline and claims partners, but also allows businesses – regardless of revenue or industry – to handpick from a range of quality free or discounted risk management tools to help improve security. A registration code is included with every quote and order.