Managing general agent CFC Underwriting has launched a new cyber risk heat map. The heat map is composed of data from previous cyber-related claims and ranks the severity of different industries’ exposure. The goal of the tool is to facilitate communication between brokers and clients, as well as to identify trends being witnessed by CFC’s incident response team.

CFC’s heat map is launching at a critical time. GlobalData’s 2019 UK SME Insurance Survey found that cybercrime jumped from the fifth-biggest concern to the third biggest concern for SMEs, with 35.7% of respondents flagging this issue.

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Going forward we can expect cybersecurity to rise as a business concern. Cyberattacks are occurring more often and are costing organisations more than they did in the past. According to Accenture, in 2018 there were on average 145 security breaches among the public and private organisations, an 11% increase from 2017. Extending the timeline to 5 years before 2018, there has been a 67% increase in the number of security breaches. It is important to note that these figures do not include unsuccessful attacks, meaning that there are many potential breaches that were avoided.

Beyond CFC’s heat map addressing the worries of SMEs, it could also help CFC increase its share of the SME cyber insurance market. GlobalData’s survey found that 13.4% of brokers currently use CFC for cyber insurance. This new service establishes CFC as an even stronger contender to Hiscox, which currently leads the broker cyber insurance market with a 14.9% share. CFC and Hiscox increasing market competition also highlight smaller players’ ability to specialise and compete with some dominating players in the very competitive SME insurance market.

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