CFC has overhauled its existing fintech insurance cover for the UK, Canada and Australia.

Cover now includes enhanced cyber cover, including first party business interruption, unauthorised use of computer resources, hardware replacement costs and CFC’s proactive threat intelligence and cyber incident response services; enhanced crime cover addressing social engineering and client fund theft; and breach of contract cover.

Also included is pre-investigation costs cover responding to official regulatory investigations, raids or onsite visits, or to product information to regulatory bodies; and PI/E&O cover with fewer sub limits and comprehensive coverage, including breach of contract cover.

“It’s over three years since we launched our purpose-built policy for the fintech industry and those companies operating in it. It’s a sector that is rapidly developing and the fusion of technology services with financial services is only increasing,” said Hannah Durrant, fintech team leader at CFC. “These overlapping risks cannot and should not be addressed separately so we felt it timely to refresh and enhance our proposition to create a full service product that addresses not only how today’s modern fintech businesses operate but the exposures they face.”

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