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It goes without saying that all businesses had to adapt to a post-Covid world; not only did we have to change our operations, but also the way we protect ourselves had to evolve. The need for digital evolution has become vital for all businesses. Many businesses in South Africa are not adequately protected against cybercrime, mainly due to a lack of information or the belief that “it won’t happen to me”. The reality is that cybercrime is real and on the increase in South Africa.
Cybercrime is on the rise because of three main reasons:
What is cybercrime and cyber extortion?
Cybercrime is any criminal activity that involves a computer and a network connected to the internet. The computer may be used in the act of a crime, or in some cases, it can be the target of a crime. Cyber extortion is when the cybercriminal demands payment using threats or any malicious activity such as data theft or data breach. Examples of cyber extortion include ransomware, email ransom campaigns and denial of service attacks.
Why is cyber insurance so important for all businesses?
As a business moves more towards e-commerce and an even greater online presence, it’s important to be protected against cybercriminals. Cyber insurance helps businesses with cyber risk management advice and protocols because the human element is the biggest risk within any business’s computer system or cyber security controls. Phishing attacks are specifically designed to take advantage of human nature and employee mistakes.
Risk management tips to prevent cyber attacks are:
As a business owner you have a responsibility to those who rely on you to follow reputable business practises, and a responsibility to your own organisation to be protected against losses from cybercrimes. When it comes to cyber insurance, Santam is the natural choice, because we understand the risks that go along with creating a digital presence for your business. For intermediaries who want to understand more about cyber insurance and cyber extortion, we’ve proven to be that reliable source and we are an internationally-recognised IT Security and Incident Response service provider. Our bespoke cyber insurance cover is specifically curated for businesses that employ up to 100 people with a turnover of up to R20 million.
These are the four areas we cover:
We have the right tools, support and expertise to offer businesses with adequate protection against cybercrimes. We’ve also got you covered in the event of data breach and restoration. At Santam, we also understand the intermediaries’ role in driving awareness on cybercrimes, therefore we believe in educating the intermediary who can spread that knowledge to clients. All businesses have an obligation and duty to protect not only their interests, but those of their customers and intermediaries who rely on them.
The best way to protect and manage any risk is to get business insurance that is tailor-made to suit your business needs and operations. We at Santam are taking the lead on emerging trends in business insurance such as cyber insurance.
For more information on cyber insurance, download the brochure.
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