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At A Glance has joined forces with a trusted partner to deliver comprehensive insurance solutions that safeguard your business against digital threats. This partnership ensures you receive reliable support and coverage when you need it most.
Who should Consider this ?
- Small to medium enterprises using computer systems in their operations
- Any business that stores client or other sensitive data
- Any business engaged in online transactions
- Any business with a bank account
Cyber Security Best Practice ..
- Regular Patching: Keep all systems, browsers, and applications updated to prevent attackers from exploiting known vulnerabilities.
- Strong Authentication: Use multi-factor authentication and strict access controls, as many breaches begin with weak credentials.
- Supply Chain Vigilance: Vet all software sources and monitor the supply chain for possible threats.
- Layered Defense: Employ multiple security measures to ensure that if one fails, others remain to protect your business.
What are Cyber Emergenies ?
A cyber emergency is a critical digital incident that can severely disrupt business operations. Common examples include:
- Data Breaches: Unauthorized access to confidential information.
- Hacking Attacks: Intrusions into company computer systems without permission.
- Malicious Software Incidents: Infections by viruses, ransomware, or other harmful programs.
- Denial of Service Attacks: Flooding systems to disrupt access for legitimate users.
- Cyber Extortion: Criminals demanding payment to prevent harm to data or digital assets.
Attackers often exploit technical vulnerabilities, use social engineering tricks, and leverage weaknesses in supply chains.
Financial Protection for First-Party Losses
The policy covers direct financial losses resulting from a cyber emergency, including:
- Business Interruption Loss: Compensation for lost operating profits and expenses to minimize income loss, covered up to 100% of your selected limit.
- Data Restoration Costs: Expenses to recover or replace data that has been damaged, lost, or corrupted.
- Cyber Extortion Costs: Costs associated with investigating and resolving extortion threats, including potential ransom payments.
- Funds Protect: Coverage for loss of funds from your bank account due to third-party fraud, whether the transaction was authorized or not. This is especially relevant due to the prevalence of EFT fraud in South Africa.
Legal and Regulatory Protection for Third-Party Claims
This policy also covers your legal liabilities if a cyber incident affects others:
- Multimedia Liability: Covers damages and defense costs for issues like defamation, intellectual property infringement, data extraction, or discrimination claims related to your website or social media.
- Regulatory Penalties: Covers government fines and legal expenses after a regulatory investigation or cyber incident.
- PCI Fines and Penalties: Covers fines and penalties for breaching PCI Security Standards, such as those imposed by credit card companies.
Key Features of the Cyber Protect Policy
- User-Friendly: The application process is simple, with minimal underwriting and a low excess.
- Customisable Limits: Coverage limits and premiums are tailored to your specific industry and annual turnover.
- Broad Protection: Business interruption is covered at 100% of the limit, and multiple entities can be included on one policy.
- Retroactive Cover: Incidents occurring before the start of the policy can be covered.
Cover limits range from R1,000,000 to R10,000,000, with additional options up to R50,000,000 available through direct inquiry.
Typically needed for cover :
- Have up-to-date, comprehensive internet security on all systems
- Perform weekly data backups and annual recovery tests
- Store backups separately from primary systems
- Keep all software and security patches current
- Use email filters to scan for viruses and malware
- Provide staff with ongoing secure computer use education
Contact me (Please complete below for you custom cyber insurance)
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