Specialist insurance coverage supplier and cyber chief CFC has introduced the introduction of coverage encryption for its cyber insurance coverage insurance policies. According to a press launch from CFC, this makes it the primary insurance coverage supplier within the trade to supply encryption on its choices.
The coverage encryption is leveraged by way of the insurer’s cellular app, which delivers the encryption key to insureds. This supplies an extra layer of safety for its clients, retaining them secure from the continuing and rising risks of cyber threats and assaults.
An preliminary pilot of this new know-how not too long ago made waves amongst UK clients. Brokers and clients alike touted the coverage encryption’s ease of use and lauded the additional safety that it supplies.
“Additional layer of protection”
One of the objectives of this new know-how is to be sure that ought to a buyer’s coverage paperwork fall into the flawed fingers, it may possibly’t be used as leverage for extortion, mentioned James Burns, head of cyber at CFC.
“While it’s rare for cyber policies to be the focus of a cyberattack, we have seen the size of some ransom demands closely correlate with the limits available under a customer’s cyber policy,” Burns mentioned. “Cyber extortion continues to be a leading cause of claims so it only makes sense for us to offer this additional layer of protection – and peace of mind – for our cyber customers.”
Burns additionally famous that lots of their dealer companions see the worth in coverage encryption in defending their shoppers.
“With over two decades in cyber, we’re constantly innovating solutions for our cyber customers, whether that’s our proactive cyber security services that protect them from the moment they bind, our industry-first mobile app, or our market-leading claims handling and incident response,” he mentioned.
CFC’s latest tech is the most recent within the insurer’s continued efforts into bolstering its cyber insurance policies. Earlier this month, CFC appointed Scott Bailey to the newly created function of cyber underwriting chief.