Cyber Liability Insurance
It is our duty as your Insurance Broker to advise you of new insurance coverages in the market that may be of importance to your business. The existence of the ever increasing cyber threat has spawned a Cyber Liability Insurance policy. This fast evolving insurance product is becoming increasingly relevant to any business that uses computer equipment and the internet. Furthermore incoming regulations such as POPI places further importance of taking care of this risk. Note that this insurance option would only be part of a holistic approach in assessing your cyber exposures.
The pace of growth in technology worldwide has produced a society which has become totally dependent on data and systems. These risks include viruses, hacking attacks, liability arising out of online publishing and ransomware attacks. Instances of these risks are only becoming more frequent and losses are occurring with more severity.
The following statistical information will further engrain the relevance of this issue:
"A study by Norton, a leading anti-virus company, found that nine million South Africans were victims of cyber-crime in 2016, while the PWC Global Economic Crime Survey 2016 found that one in three South African organisations had experienced cyber-crime"
"Many executives are declaring cyber as the risk that will define our generation"
We strongly suggest that consideration be given to the exposure your business has in this arena. We would be available to assist in this assessment.