Ride the Lightning

Encrypted Cyberinsurance Polices? They Make a Lot of Sense

March 28, 2023

On March 21, Insurance Business Australia posted that specialist insurance provider CFC will launch a market first next month, encrypted cyberinsurance policies.

This is a great idea, especially with cybercriminals targeting cyberinsurance companies so they can know if a target is insured, for what, and how much coverage it has.

Policy encryption provides an extra layer of security ensuring that if a customer’s policy documents should fall into criminal hands, it cannot be used as leverage in an extortion demand.

The feature will launch on April 3 and will enable insureds to access their policy via a password or decryption key on the company’s award-winning mobile app Response. Brokers will receive the policy decryption key via email when the policy is bound.

 It may be that there are other cyberinsurance companies that do this, but I have not heard of their existence. And it was noteworthy that CFC said that policy encryption needs to be an industry standard.

I couldn’t agree more.

Sharon D. Nelson, Esq., President, Sensei Enterprises, Inc.
3975 University Drive, Suite 225, Fairfax, VA 22030
Email:   Phone: 703-359-0700
Digital Forensics/Cybersecurity/Information Technology
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