Specialist insurance coverage supplier and cyber chief CFC has introduced the introduction of coverage encryption for its cyber insurance coverage insurance policies. In accordance with a press launch from CFC, this makes it the primary insurance coverage supplier within the {industry} to supply encryption on its choices.
The coverage encryption is leveraged by way of the insurer’s cell app, which delivers the encryption key to insureds. This gives an extra layer of safety for its prospects, preserving them protected from the continuing and rising risks of cyber threats and assaults.
An preliminary pilot of this new expertise just lately made waves amongst UK prospects. Brokers and prospects alike touted the coverage encryption’s ease of use and lauded the additional safety that it gives.
“Further layer of safety”
One of many objectives of this new expertise is to be sure that ought to a buyer’s coverage paperwork fall into the mistaken fingers, it will possibly’t be used as leverage for extortion, mentioned James Burns, head of cyber at CFC.
“Whereas it’s uncommon for cyber insurance policies to be the main focus of a cyberattack, we have now seen the scale of some ransom calls for intently correlate with the bounds obtainable underneath a buyer’s cyber coverage,” Burns mentioned. “Cyber extortion continues to be a number one reason behind claims so it solely is smart for us to supply this extra layer of safety – and peace of thoughts – for our cyber prospects.”
Burns additionally famous that lots of their dealer companions see the worth in coverage encryption in defending their purchasers.
“With over twenty years in cyber, we’re consistently innovating options for our cyber prospects, whether or not that’s our proactive cyber safety companies that defend them from the second they bind, our industry-first cell app, or our market-leading claims dealing with and incident response,” he mentioned.
CFC’s latest tech is the newest within the insurer’s continued efforts into bolstering its cyber insurance policies. Earlier this month, CFC appointed Scott Bailey to the newly created position of cyber underwriting chief.
