Cyber Insurance in South Africa

Cyber Liability (or Anti-Hacker) Insurance can mitigate your liability for risks, associated with the cyber (or digital) environment. Cyber-attacks can take place in the form of ransomware which encrypts (i.e. scrambles) all information on the computer, rendering it useless and causing business outages


Cyber Liability Insurance covers risks related to
IT security activities in the digital (cyber) world
 
 
 Need Cyber Liability Insurance?
 
 Broker Directory News   See Cyber-Attacks & Ransomware Alert News:
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•  The need-to-know details of Cybercrime and Cyberinsurance (Oct 27, 2017)
•  Aon’s survey shows cybercrime is on the increase (Oct 20, 2017)
•  SA, Zim must work together to fight cyber attacks: Robert Mugabe (Oct 06, 2017)
•  Allianz teams up with Cyence to boost cyber risk modelling & analysis (Oct 02, 2017)
•  Your business need cyber liability insurance - 10 Reasons (Sept 05, 2017)
•  The next WannaCry Cyber Attack could cost Insurers $2.5bn (July 07, 2017)
•  Cyber Resilience Guidance Note Issued by the SARB (July 03, 2017)
•  Cyber Crime Fears Drive Up: Demand for Anti-Hacker Insurance (May 11, 2017)
•  Cyber Insurance Becomes a Must for More Manufacturers (April 21, 2017)
•  The New Word in Insurance: Cyber Insurance (March 13, 2017)
•  Cyber-Attacks: Suggested Preventative Steps (March 02, 2017)
•  Don't let Ransomware run off with your Money (March 01, 2017)

Be mindful of the impact from the loss of cyber (or digital) corporate data, including information such as intellectual property and proprietary information – which in the hands of a competitor, can severely disadvantage business.

Ransomware or also known as malware, encrypts (i.e. scrambles) all information on the computer, rendering it useless. In order to decrypt (i.e. unscramble) the information, a ransom is usually extorted from the user.

The internet has transformed world economies and as such enabled the digital economy to thrive through greater connectivity, but the changes have unfortunately also increased the risks! This rise in connectivity introduced an increase in the frequency, severity and sophistication of cyber-attacks – hence a need for businesses to rethink their approach to the threat of cyber and/or hacker attacks.

We all live in a world where individuals and businesses are ever increasingly more dependent on technology and the internet. Cyber Liability (and/or Anti-Hacker) Insurance, therefore provides cover for risks related to all the information technology (IT) activities.

The amount of personal & business related (digital) data that sits on the web, Information Technology (IT) systems and servers, is too much to comprehend.

Data in the wrong hands can have devastating ramifications and the absolute need for Cyber Liability insurance, is therefore fairly obvious.

You should research the various Cyber Liability Insurance options. These options may be confusing...

In fact, the smartest thing you can do is -- Get a specialist broker to do it for you!

Cyber Liability Insurance products may cover the following:
  • Multimedia liability, Data extortion, Security & privacy liability, Crisis management costs (including customer notification, support and credit monitoring), Technology, Legal consultation, Identity monitoring for victims of breach, Expert consultation – including IT risk management, and Digital forensic investigation.
  • Theft of access codes from the premises, employees, or computer system.
  • Hardware theft.
  • Reimbursement for costs attached to repair of reputational risk.
  • Insurable fines that must be paid to a regulator, government authority for breach of data protection laws.
 

Important considerations when buying Cyber Liability Insurance:
  • Reduce your Cyber security attack risks through regular penetration testing.
  • Get a good broker offering, professional advice and service.
  • Get as many Cyber Liability Insurance quotations from reputable insurers through your insurance broker as possible.
 
 
 
Digital data in the wrong hands can have devastating ramifications
 
 
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