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If you’ve found yourself weighing up whether you should spend more on your business’ cyber security measures to countermeasure cybercrime; the answer is YES – do it, and do it now!
Contrary to common misconception, it’s not just large multinational companies that are at risk. Any business that transacts online, stores or processes credit card data or sensitive third-party data faces significant risk.
Many local SMEs have fallen victim to cyber-attacks.
According to the 2022 SHA Risk Review, one in three South African SME respondents had suffered a cyber-attack as follows:
And what’s more concerning is that 53% of SMEs that fell victim to ransomware attacks did not recover their data.
The most common method of infiltration is still through email phishing attacks, which account for half of all cybercrimes. These types of attacks mostly affect individuals and small businesses – this makes human error the biggest risk small businesses face. That is why it is vital to educate employees on the most common cyber risks and implement cyber security procedures to protect company networks, data and reputation.
Santam recognises the far-reaching consequences this ever-expanding cyber risk could have on a business owner. So, Santam has tailored comprehensive cyber, privacy and media insurance solutions for small to medium-sized enterprises.
Santam offers a comprehensive cyber insurance solution to help SMEs bounce back following a cyberattack:
Protect your business and get cyber insurance with Santam.
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