When speaking to clients about cyber insurance, it’s important to focus on areas that are relevant to the industry in which they operate
Chicago, IL (Oct. 29, 2019) – Cyber insurance has a long reputation as a privacy liability product for businesses that hold sensitive data – but privacy exposure isn’t the only risk facing businesses today. In fact, cybercriminals are increasingly targeting traditional industries that hold almost no sensitive data at all, whether through ransomware attacks that halt operations or business email compromise scams that result in wiring payments to fraudulent accounts.
Our cyber risk heat map was built from data relating to 2,500 cyber claims we’ve dealt with in the last two years as well as trends that our incident response team is witnessing externally. This color-coded graph ranks the severity of different industries’ exposure to business interruption, privacy, and cybercrime and includes a few examples of how these exposures can play out for different types of organizations.
CFC is a specialist insurance provider and a pioneer in emerging risk. With a track record of disrupting inefficient insurance markets, we use proprietary technology to deliver high-quality products to market faster than the competition while making it easier for brokers to do business. Our broad range of commercial insurance products are purpose-built for today’s risks, and we aim to give our customers everything they need in one, easy-to-understand policy.
We’re on a mission to radically simplify the way business insurance is bought and sold. To do that, we challenge assumptions, innovate constantly and use technology to drive change in our markets.
Headquartered in London and backed by Lloyd’s, CFC serves more than 70,000 businesses in more than 80 countries.
For more information, visit www.cfcunderwriting.com.
SOURCE: CFC UnderwritingTags: CFC Underwriting, risk map