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Cyber crime is South Africa’s top business concern

- SATIB InsuranceCyber crime is South Africa’s top business concern

Allianz Risk Barometer placed cybersecurity as the top concern among South African businesses in 2018 (bizcom, 2019). As the IoT (internet of things) continues to dictate the way business is conducted the responsibility of ensuring staff and client digital/ cyber safety lies with business executives.

 

Ensuring that robust cyber policies are put in place to protect businesses must form part of a company’s ‘digital due diligence’. Cyber policies offer protection against

  • Business reputation
  • Business interruption costs (time for a business to recover after cyber-attack)
  • Litigation costs rising from breach of confidentiality (hacked client records)

 

Cyber Crime is an evolving eco-system for fraudulent activities which accounts for 55% of all gross bank losses alone (bizcom, 2019) and,  according to the World Economic Forum, caused losses of approximately   R5.8 billion to the South African market in general (saiia.org).

 

 

 

 

 

Allianz Risk Barometer (Jan 2009)

Source: //www.delivered.dhl.com/en/articles/2019/01/top-business-risks-2019.html

 

Relying on SME’s not having digital security systems in place makes this segment a key target for cyber-criminals as low defences make for easy earnings. The seemingly shared attitude of SME business owners that they fly under the cyber radar has led to the overwhelming increase cyber breach reports.

 

The saying “Hindsight is 20:20” should perhaps be interpreted in a digital sense to “Hindsight is bankruptcy” when discussing not having a cyber-insurance policy in a digital world:

 

SATIB Cyber, underwritten by world leaders in insurance Lloyd’s of London, offers SATIB cyber policy holders with unique (EXCLUSIVE) cyber protection covering.

Our Cyber policy can protect in the following ways:

 

Data breach incident response – Call our hotline to a pre-approved top breach response law firm, who will initiate an investigation and coordinate the response plan on your behalf. This hugely important support will guide you through the process of dealing with a potential or actual cyber event including doing the following:

  • Engagement of forensic and IT security vendors to investigate the scope of the breach and provide expert response guidance.
  • Identification of mandatory notification requirements.
  • Assessment of voluntary notification options.
  • Agreement of notification strategy / plan.
  • Appointment of Call Centre / Credit Monitoring service providers.
  • Public relations services.
  • Mitigation of potential 3rd party liability actions

 

Network Security, privacy and data breach liability cover – Our product protects our customers for costs to defend and resolve liability claims brought against you as a result of a security or privacy event.

 

Regulatory Liability

Our product covers our customers’ regulatory fine (wherever legally permissible) and associated legal costs following a security or privacy event.

 

PCI Fines and Assessments

This section of our product, if you accept credit card payments, covers our customers’ contractual fines and associated legal costs following a security or privacy event that affects payment cards.

 

Business Interruption

This section of our product gives cover for our customers’ loss of income following a security or privacy event.

 

Data Restoration

This section of our product gives cover for our customers’ costs for data restoration or recompilation following a security or privacy event.

 

Cyber Extortion

This section of our product gives cover for our customer’s costs incurred following a cyber extortion threat.

 

Media Liability

This section of our product gives cover for our customer’s costs to defend and resolve liability claims as a result of media wrongful act in the course of releasing any content on their website or via social media.

 

Cyber Crime/Social Engineering Extension

This section of our product gives cover for our customer’s financial loss relating to a social engineering event such as phishing.

 

References:

//www.bizcommunity.com/Article/196/726/185971.html

//saiia.org.za/research/new-bill-offers-robust-game-plan-against-cybercrime-in-south-africa/

//www.delivered.dhl.com/en/articles/2019/01/top-business-risks-2019.html