“You know, we don’t want to own this space and be the only market that offers it to clients,” Nelson said. Insurance Business.
“We strongly believe that every single person offering a cyber policy should do so in an encrypted format.”
CFC encrypted cyber policy – takes proactive measures
The initiative has benefits for all parties involved except for potentially malicious actors, according to Nelson.
“The main focus is to ensure that policy documents do not fall into the wrong hands, particularly with threat actors,” he said.
While incidents of cyber hackers testing the extortion limits of a policy remain low, especially during ransomware attacks, this encryption service is put in place to reduce any threat of theft of data.
“We made a decision some time ago that we needed to give our customers an extra layer of protection for peace of mind,” Nelson said. “We offer comprehensive information on how a client can receive their policy documentation and also provide them with guidance on how to store it in a secure manner.”
Policy holders are given a decryption key for their documents through an app that allows for two-way communication with CFC’s security team. It also provides access to the team to warn clients about any threats intelligence alerts or vulnerabilities.
Furthermore, brokers can now offer “an additional talking point to clients about the credibility with which they place their business from a cyber perspective, as there are many unknowns and uncertainties about what the cyber insurance,” Nelson said.
Clients have responded enthusiastically to this safeguarding proposition, which was first tested in the UK market and is now available globally, says Nelson.
𝐿𝐴𝐿 𝙔ΟΟ ΝΟΝOW… Cyber is one of the biggest risks facing businesses today💻CFC’s cyber insurance policy works to help detect and prevent cyberattacks for policyholders by using their own inhouse 24 /7 cyber incident response team.
READ MORE https://t.co/fYqEjcuwyQ pic.twitter.com/rdNevnmeZW
— British Insurance Brokers’ Association (@BIBAbroker) February 22, 2023
Avoiding roadblocks to further use of cyber insurance
The team did not want to create more barriers to cyber insurance buyers and their brokers, and this was a key area of focus during development.
“The feature development didn’t come with many hiccups, thankfully. Instead, we were more concerned with making sure the user experience worked best for our broker partners” said Nelson. “We didn’t want that add barriers to getting cyber insurance quotes, and certainly not their policy documentation, which is really key for them.”
To test this product before launching on the market, CFC contacted specific partners to evaluate its ease of use. “We looked to our heavy broker partners to test this experience first,” Nelson revealed. “There was an emphasis on making sure it didn’t get in the way of their day from an administrative perspective, while also not adding any unnecessary work.”
The growth of CFC’s cyber securities division
CFC’s cyber securities division has grown organically over the past several years and is now the largest of its kind within the industry.
Although the team initially began as a cyber threat incident response unit, it has since grown to include risk management.
“They are all technical professionals with cyber crime backgrounds, some of whom have previous experience working with police units in their cyber crime divisions,” Nelson said.
“We have created a specialist team within the security division thanks to this encryption initiative, where they can identify certain threats and vulnerabilities to help provide greater market sustainability.”
Do you think this is the future of cyber insurance security? Sound off in the comment section below.
#Cyber #policy #encryption #industry #standard #CFC
