CFC, the specialist insurance provider and pioneer in emerging risk today announces a major upgrade to its suite of financial institutions (FI) products, incorporating its full Cyber Proactive Response (CPR) policy and affirmative cover for cyber threats involving artificial intelligence.
The update forms part of CFC’s wider programme to embed affirmative AI coverage across its portfolio, ensuring customers have clear, explicit policy language that reflects its growing use.
This latest enhancement applies across most of CFC’s FI offering, which includes dedicated products for investment managers and a wide range of other financial institutions. The modular suite allows brokers and clients to select standalone coverages or combine them within a single policy, tailored to the institution’s activities, risk profile and insurance needs. This significant update to the integrated cyber cover brings additional optionality to brokers while reducing the need for multiple separate policies.
Available coverages include directors and officers, errors and omissions and professional liability, crime, employment practices liability, cyber and general liability, with additional specialist options available depending on the product. For example, CFC’s investment management proposition can be extended to meet AIFMD requirements.
By bringing multiple coverages together, CFC’s blended solutions are designed to make purchasing more efficient and reduce protection gaps and overlaps. They can respond to the interconnected risks financial institutions face, from allegations of professional error or breach of fiduciary duty to social engineering fraud, ransomware, employment disputes and operational interruption.
The cyber section of these blended FI products is now being updated to CFC’s full CPR cyber policy which includes two coverage world firsts and 30 coverage enhancements, making it the world's most comprehensive cyber coverage for SME FI risks. It combines cyber insurance with proactive risk management tools, real-time threat monitoring and expert incident response support, as well as unlimited reinstatements and zero excess. It provides practical support before, during and after a cyber event, helping firms strengthen resilience, minimise disruption and recover quickly.
The enhanced cyber wording also provides affirmative cover for AI-related cyber exposures, giving financial institutions greater clarity over how the policy responds as they adopt and use AI across their operations. The update brings CPR’s broader enhancements into the FI proposition, simplifies exclusions and strengthens the combination of specialist FI and cyber protection available within one coordinated solution.
Financial institutions face a complex and increasingly connected mix of professional, management, operational and cyber risks. Our suite is designed to reflect that reality: modular enough to meet the needs of different institutions, but with the option to bring essential protection together in one clear, efficient policy. Neil Beaton, Financial Institutions Practice Leader, CFC
Mr Beaton continued... "Updating the cyber offer to our full CPR policy across the suite is a significant step forward. It gives clients access to over 30 coverage enhancements, as well as the proactive cyber defence and expert response capabilities CFC is known for, alongside affirmative protection for AI-related cyber threats. For brokers, it strengthens a compelling and flexible proposition that can be shaped around each client rather than forcing them into a one-size-fits-all solution."
CFC’s FI products are available worldwide, with tailored local variants standalone or blended solutions. Reach out to the team at FI@cfcunderwriting.com.
