The steep uptake in cybercrime has given rise to a new breed of specialist firms offering more than just a policy for indemnity.
Although legitimate business leaders and cybercriminals sit in opposite corners of the ring, comparisons can be made between the two groups when it comes to strategies for making money – identify opportunities, innovate solutions for your target market, and, where possible, capitalize on easy wins to make money fast.
When it comes to physical property, for example, few businesses would go without property insurance just because they have locks on their doors and alarm systems in place.
Just because best practice IT security practices might be adhered to doesn’t mean that cyber insurance doesn’t play an important role in managing that risk, and helping respond to incidents when the worst happens.
Although the cyber insurance market is still in its infancy – particularly when compared to other insurance sectors – the market has evolved, and grown, dramatically in recent years, scaling with the changing, demanding needs of clients as cyber-attacks become more sophisticated.
As it stands, CFC is the largest independent MGA in the UK and has been providing innovative insurance products for emerging areas of risk, with its roots planted in the first wave of the dotcoms, since the late 1990s.