CFC has expanded its Cyber Proactive Response (CPR) coverage to include sector-specific insurance policies tailored to digital health, fintech, and technology clients. This update replaces previous cyber policy terms with CPR wording, effective immediately.
Enhanced Cyber Protection for High-Risk Sectors
Tim Boyce, deputy chief underwriting officer at CFC, emphasized that these industries face elevated cyber risks due to the sensitive nature of the data they handle. “Technology companies hold some of the world’s largest data sets, fintech firms handle millions of dollars in transactions every minute, and digital health providers store highly sensitive personal health information,” he explained.
The new CPR offering addresses these industries’ unique vulnerabilities with more proactive cyber protection. “This ensures that digital health, fintech, and tech companies benefit from what we believe is the broadest and clearest cyber coverage available – along with proactive protection against cyber threats,” Boyce said.
Key Features of Updated Cyber Policies
The updated cyber policies provide several key features, including:
- Built-in cyberattack prevention services
- Specific provisions for AI-related incidents
- Protection against revenue loss from missed business opportunities
- Reimbursement for emergency operational expenses after a cyber event
Boyce stressed the importance of rapid response during a cyber incident. “A cyber incident in any of these sectors could result in significant privacy breaches, immediate financial losses, reputational damage, and in the case of digital health, even risk to human life,” he warned.
Industry Concerns and Trends
The timing of CFC’s CPR expansion aligns with growing concerns about IT system outages in the financial and insurance sectors. According to New Relic’s 2024 State of Observability report, average outage costs have reached $2.2 million per hour, highlighting the financial impact of disruptions.
The report also found that 48% of respondents in financial and insurance firms experienced at least one major service disruption each week. AI is playing a crucial role in shaping monitoring strategies, with 41% of surveyed organizations implementing AI tools to reduce downtime.
Cybercrime Threats in Digital Health
CFC’s 2025 Digital Healthcare Report highlighted the growing cyber exposure in the digital health market, particularly in the US, UK, Europe, and Australia. The report noted a 40% increase in US market inquiries and a 92% rise in Australia between 2022 and 2024, driven by demand for digital care and chronic condition management.
In 2024, healthcare organizations reported 677 data breaches affecting over 182 million people, with the average cost per breach reaching nearly $11 million – almost double the financial sector average.
