Cyber insurance provider CFC has rolled out a new insurance solution tailored for mid-size to multinational technology companies.
This offering aims to provide tech and cyber coverage for businesses with more than $250m in revenue.
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It is designed to address traditional and emerging risks that technology companies encounter.
The new offering encompasses coverage for costs arising from delays, errors, oversights and miscommunications.
Moreover, the solution includes cyber protection services such as vulnerability scanning, threat hunting, and threat and claims intelligence to prevent incidents before they occur.
In the event of a cyber incident, clients will have access to CFC’s incident response team.
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By GlobalDataThe Tech Practice at CFC currently supports 25,000 technology companies worldwide.
It is said that the company’s corporate cyber team is capable of underwriting up to $30m and often works with multibillion-dollar global multinational corporations.
The company also writes approximately $125m of gross written premium in primary business.
CFC tech, media & IP head Michael Brunero said: “The global value of intangible assets has reached a record high of almost $80trn, largely driven by innovations like AI and the increasing importance of technology in everyday life. Accordingly, tech companies hold vast amounts of data that they have to protect. At the same time, the value of their intellectual property is growing at an unprecedented scale.”
“This is the most exposed industry across the size spectrum and as an innovator in building insurance solutions to cover these exposures, we are using our years of underwriting and claims expertise to bring comprehensive new cover to this market.”
Earlier this month, CFC expanded its corporate cyber division in Europe by appointing Ilaria Silvato as the leader of the corporate cyber & tech team for the Europe, Middle East and Africa region.
