CFC, an insurance provider specializing in emerging risks within the cyber insurance market, has announced a major update to its fintech insurance coverage.
This enhanced offering, available in the UK, Canada, and Australia, delivers a comprehensive solution that addresses both professional service and technology risks faced by the fintech sector.
“It’s been over three years since we launched our dedicated policy for the fintech industry. As this sector rapidly evolves, the integration of technology and financial services continues to grow,” commented Hannah Durrant, Fintech Team Leader at CFC.
“These intertwined risks shouldn’t be addressed separately. We felt it was the right time to refresh and enhance our offering, creating a full-service product that meets the operational realities and exposures of modern fintech businesses.”
“Our team has engaged extensively with current fintech clients and the broader fintech community to truly understand their operations and risks. We believe our improved solution will benefit all fintechs, providing a comprehensive product that covers all their insurance needs.”
Key enhancements in CFC’s updated fintech insurance offering include:
- Upgraded Cyber Protection: Now covering first-party business interruption, unauthorized computer resource usage, hardware replacement expenses, and CFC’s renowned proactive threat intelligence and cyber incident response services.
- Enhanced Crime Protection: Specifically targeting social engineering schemes and client fund embezzlement.
- Breach of Contract Coverage: Addressing a common gap in most policies related to technology service liabilities.
- Coverage for Pre-Investigation Costs: Catering to official regulatory inquiries, raids, on-site inspections, or disclosure of product information to regulatory bodies.
- Simplified Professional Indemnity/Errors and Omissions Coverage: Featuring reduced sub-limits and extensive protection, including breach of contract indemnification.
Source: reinsurancene.ws
