CFC, the specialist insurance provider, pioneer in emerging risk and market leader in cyber, has today announced a new tool available to brokers worldwide to help facilitate client conversations and unlock new streams of SME cyber clients.
Cutting out the overwhelming amount of information that other threat analysis reports deliver, CFC’s new bite-sized Cyber Threat Review reports hone in on the real threats that any one business actually faces.
Moreover, CFC’s Cyber Threat Reviews are the first globally to provide brokers with a dynamic side-by-side cost comparison of cyber security services available to clients for free with their policy, specific to their business risk, benchmarked against their insurance premium.
“Existing reports available in the market have typically only ever been simple compilations of security hacks that companies would use to try and show prospective clients that they had weaknesses. They failed to provide a comprehensive report that actually correlated to true risk. As a result, SMEs have been overwhelmed with reams of stats and details of risks that they can’t relate to. It’s no wonder that many are turned off buying cyber insurance,” says CFC’s Head of Global Cyber Development, Lindsey Maher. “Our Cyber Threat Reviews eliminate confusion by cutting to the chase, only highlighting the actual threats an individual business faces.
Cyber Threat Reviews are designed to make it easier for brokers to engage with non-buyers about their true cyber exposure. They make the invisible risks visible, translate technical threats into business risk and clearly set out the costs involved. Lindsey Maher, Head of Global Cyber Development
She continues: "They bridge the knowledge gap for those who don’t speak cyber jargon, delivering a personalized concise report written in day-to-day business language that resonates with SMEs clearly stating potential costs, lost revenue and reputational damage."
Cyber Threat Reviews represent a snapshot of what CFC’s proactive security team look for on a continuous 24/7/365 basis for policyholders, delivering brokers with an easy to understand, point-in-time analysis giving insight into individual client’s security posture.
Unique elements of the reports include:
- Breakdown of the threats and vulnerabilities specific to the individual business that have high likelihood of leading to a loss or claim, making it easier for brokers to discuss real day-to-day threats and their potential impact with their client.
- Dynamically populated costs attached to the cyber security services provided free with a CFC policy as a benchmark next to their premium, making it simpler for brokers to demonstrate the cost savings that their client can make by transferring risk to cyber insurance
- Calculation of the possible loss an individual business could face as a result of a ransomware attack, broken down into varying incident cost categories enabling brokers to clearly illustrate the sums a client would need to find if uninsured, demonstrating the value of the cost of insurance versus the cost of an attack
- Threat and risk descriptions and explanations to bring clarity to clients and demystify the common jargon used across the cyber industry
“If we want more SMEs to truly understand the value of cyber insurance and become proactive buyers, we need to cut out the jargon, remove the fear, uncertainty and doubt and deliver a clear picture of its many benefits to their business,” concludes Maher.
Cyber Threat Reviews take abstract cyber concepts and turn them into something concrete that brokers can put in front of their clients in just a handful of pages. We believe it will help them tap into the cyber market globally and develop new income streams which will ultimately increase global adoption rates. Lindsey Maher, Head of Global Cyber Development
In addition to launching Cyber Threat Reviews, CFC has further enhanced the functionality of its Response App. With a new look and feel to further streamline the policyholder’s experience, CFC’s Response App delivers personalised cyber threat alerts critical to the policyholder’s business, exclusive access to free cyber security tools and expert technical support, as well as enabling policyholders to immediately alert the CFC cyber security team to any potential cyber incident.
While Cyber Threat Reviews will initially be provided on every SME cyber quote delivered via CFC’s team of cyber underwriters, these bite-sized reports will ultimately be delivered via every trading platform.
CFC’s Response App is available to every CFC cyber policyholder to download and access free of charge.
