CFC has launched a product called Cyber Proactive Response aimed at businesses with annual revenues up to $250 million. 

It says it features 30 coverage enhancements compared with other products, with six exclusions removed for the “broadest, clearest cyber coverage”. 

“We’ve spent the past five years not only strengthening this proposition but also listening to what our brokers and their clients tell us they need,” global head of cyber James Burns said.

“We’re reinventing cyber coverage by building ‘proactive’ into the heart of the policy, introducing world-first elements of cover and removing exclusions.” 

Among the enhancements are interim payments for business interruption; cover for income loss from lost or missed bids; affirmative coverage for AI events; theft of physical goods and invoice manipulation cover; full system failure cover; emergency continuity costs; and contingent bodily injury cover.  

Cyber Proactive Response gives policyholders unlimited reinstatements with no deductible, or for a lower premium the option to “only pay one deductible no matter how many cyber events clients face within the policy term”.  

It also removes the cap on what CFC will pay while “implementing a cap on what clients will pay beyond their premium”. 

Mr Burns says it has been the norm for cyber insurers to cap what they will pay by aggregating the limit available under the policy while making the deductible applicable to every claim. 

“In a world where it’s increasingly possible to suffer a cyber event multiple times throughout the life of a policy, we want to reverse that dynamic and remove the burden for insureds by capping the amount they will have to pay,” he said. 

CFC also says it has “responded to broker demand” and now contractually provides cyberattack prevention services to policyholders within policy wording. 

“This helps to refocus the point of comparison of cyber policies, not just on coverage, but on the additional services within the insurance language, which are a major draw to many SMEs buying cyber insurance,” the company says. 

CFC is offering webinars on triggers and clauses in coming weeks.