Lloyd's MGA CFC Underwriting unveils new cyber app

CFC Underwriting, a Lloyd's managing general agent (MGA), has launched a new cyber incident response application for policyholders to notify claims and get specialist support.

The number of cyber claims managed by CFC increased by 78 percent from 2015 to 2016 and the main types of attack being claimed for were privacy breaches and financial loss, the company said in a statement. Approximately 90 percent of its claims were from businesses with less than $50m in revenue.

"Our cyber insurance proposition has evolved to become an incident response service. We’re committed to continual investment in our team, service and systems to ensure our policyholders experience an exceptional claims service," said Anthony Hess, head of incident response at CFC.

He added: "The longer it takes a policyholder to notify us that they've suffered a cyber incident regardless of whether it is an extortion demand or a system outage, the more damaging the impact can be on their business.

"Our claims service is at the heart of our cyber proposition and we wanted to make it as straightforward as possible for policyholders to access our help. Using the app, it will take just seconds to notify us that something has gone wrong and less than half an hour for our network of experts to respond."

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