CFC Cyber Solutions: Elevating Client Engagement Through Innovative Tools

The word from CFC for you; 

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.

In a landscape awash with intricate data and overwhelming reports, CFC has unveiled a streamlined solution: the bite-sized Cyber Threat Review reports. These reports focus on the specific threats that any business actually faces, rather than drowning clients in a sea of irrelevant statistics. This innovation reflects a shift toward more targeted, digestible information that empowers brokers to have meaningful discussions with clients.

One of the most significant features of CFC’s Cyber Threat Reviews is that they are the first of their kind globally to include a side-by-side cost comparison of cyber security services. This unique tool allows brokers to present clients with a clear picture of the value they receive, specific to their business risks, and benchmarked against their insurance premium, making it an invaluable asset in client engagement.

Lindsey Maher, CFC’s Head of Global Cyber Development, highlights the shortcomings of existing market reports, stating, “Existing reports have typically only ever been simple compilations of security hacks that companies would use to show prospective clients their weaknesses. They failed to provide a comprehensive report that correlates to true risk. As a result, SMEs have been overwhelmed with reams of stats that they can’t relate to. It’s no wonder many of them are turned off from buying cyber insurance.”

CFC’s Cyber Threat Reviews aim to eliminate confusion and bring clarity to cyber risks. They provide a snapshot of what CFC’s proactive security team monitors continuously for policyholders. This ensures that brokers have access to easy-to-understand, real-time insights into their clients’ security postures. Rather than relying on technical jargon, these reports communicate potential costs, lost revenue, and reputational damage in everyday business language—making the invisible risks visible.

Key elements of the reports include:

• Detailed breakdowns of threats and vulnerabilities that are specific to individual businesses, enabling brokers to discuss everyday risks more effectively with their clients.
• Dynamic cost assessments associated with the cyber security services included in CFC’s policies, making it easier for brokers to highlight the cost effectiveness of transferring risk through cyber insurance.
• Calculations of potential losses from ransomware attacks categorized by incident costs, which brokers can present to clients to illustrate the financial implications of being uninsured.
• Clear descriptions of cyber threats and jargon to ensure clients grasp the significance of cyber risks and their management.

Maher emphasizes the need to demystify cyber insurance: “If we want more SMEs to understand the value of cyber insurance, we must cut out the jargon and deliver a concrete picture of its benefits.” The Cyber Threat Reviews transform abstract cyber concepts into tangible insights, making them accessible for brokers to present to clients in concise, impactful reports.

Alongside the launch of Cyber Threat Reviews, CFC has enhanced its Response App, which delivers personalized cyber threat alerts to policyholders. The revamped app not only offers critical insights into potential threats but also provides exclusive access to free security tools and expert technical support. Additionally, policyholders can quickly alert CFC’s cyber security team about any incidents, enhancing their preparedness and response capabilities.

Initially, the Cyber Threat Reviews will be included with every SME cyber insurance quote from CFC’s team of cyber underwriters. Over time, these enriched reports will be available across various trading platforms, further extending their reach to brokers globally.

The Response App, which is available free of charge to all CFC cyber policyholders, equips businesses with the necessary tools and alerts to navigate the complexities of cyber risks effectively. This proactive approach signifies a commitment to fostering a culture of security awareness among SMEs and enabling them to make informed decisions about their cyber insurance needs.