Specialist insurer offering cyber-related business interruption, crime coverPosted On: Jan. 8, 2019 2:00 AM CST
CFC Underwriting Ltd., a London-based specialist insurance provider, said Tuesday it is introducing cyber-related business interruption coverage as well as expanded coverage for a variety of cybercrime activities.
CFC said in its statement that under the updated policy, coverage is triggered by information technology system failure as well as malicious cyber events.
It also provides full supply chain business interruption coverage that extends to events that affect the insured’s systems, and the systems of their technology and, where named, nontechnology suppliers.
CFC is also adding crime coverages for cryptojacking, where hackers hijack the victim’s computer network’s processing power to mine cryptocurrency for their own benefit, leaving the victim to pay for the increased bandwidth use. The new cyber policy adds coverage for hardware replacement as well, the statement said.
A spokesman could not immediately be reached for comment on the coverages’ limits.