FinTech LIVE London – Steve Bowers on Safeguarding Fintechs
In an engaging session at FinTech LIVE London Global Summit, Steve Bowers, Fintech Underwriter at CFC approached the serious topic of fintech insurance with a creative twist, drawing parallels between the classic film ‘Home Alone’ and the need for robust safeguards in the fintech world.
Risk management policies serve as the foundation for defence
Likening fintech companies to Kevin McCallister, the film’s protagonist: daring, innovative, bold and aspirational. However, much like Kevin facing burglars, fintechs must prepare for opportunistic and reckless threats targeting their assets, from customer data to intellectual property.
Using Kevin’s detailed battle plan as an analogy, Steve explains how risk management policies serve as the foundation of a company’s defence. Yet, he stresses that such measures are only part of the solution.
“What you really need is a fintech insurance policy – the equivalent of Kevin’s snow-shovelling neighbour, ready to step in when things spiral out of control.”
Why fintechs need tailored insurance
Steve outlines the importance of tailored insurance policies designed specifically for fintechs.
“If you were going to insure a car, you wouldn’t do it under a van policy,” he says, emphasising that generic policies often leave gaps in coverage.
A fintech-specific insurance policy consolidates multiple protections, from professional liability to cybercrime, under one umbrella. This not only streamlines operations but ensures comprehensive coverage for emerging risks.
He details key components of CFC’s fintech insurance offering, which includes:
- Professional liability: Covering errors or omissions in technology or services.
- Directors and officers (D&O) liability: Protecting business leaders from personal liabilities.
- Cyber cover: Addressing vulnerabilities in data-heavy operations.
- Crime cover: Mitigating risks associated with handling money and potential fraud.
- Regulatory cover: Supporting compliance with legal and financial regulations.
Through a real-life example, Steve illustrates how these provisions work together. He recounts a case involving a fintech client whose system was exploited, leading to unauthorised trades.
Thanks to the comprehensive nature of their policy, CFC was able to respond swiftly, resolving the issue without delays caused by determining which coverage applied.
Staying ahead of evolving threats
With the fintech landscape evolving rapidly, Steve highlights the need for agility in insurance offerings.
CFC’s cyber cover, for example, goes beyond traditional models by proactively scanning for vulnerabilities and monitoring the dark web for data leaks. This preemptive approach, coupled with a 24/7 incident response team, ensures that fintechs are protected against the most pressing cyber threats.
In response to questions about keeping policies relevant in a fast-changing industry, Steve explains that CFC constantly adapts its offerings.
“We’ve been providing cyber insurance for over 20 years, and our ability to launch tailored coverage quickly ensures our clients are always protected,” he says.
This agility extends to addressing new regulatory requirements, such as rolling out specific AP fraud coverage within weeks of legislation changes.
Essential diary dates for 2025
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2025 diary dates:
- FinTech LIVE Singapore | 25 February
- FinTech LIVE Dubai | 6 May
- FinTech LIVE New York | 17 June
- FinTech LIVE London | 7-8 October
- The Global FinTech Awards | 7 October
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