THERE is no doubt that cybercrime continues to be a serious challenge that companies and individuals are grappling with the world over. Businesses all over the world are battling to close the cybercrime security gap given the continuous growth in cloud computing, mobile and the Internet of Things (IoT). This can be attributed to the advancement of technology and the ability to use the innovative new business models and this has changed the way business is being conducted.
This means that the risks of potential cyber-attacks also increase with the advancement of technology. As such, it has become very complicated and costly for businesses to keep on top of the game to avert these attacks. Although various security measures are being put in place, Cyber security alone is not adequate as cyber criminals are often protected by the layers of high-tech encryption and technology.
It is therefore important that organizations move with times in terms of technology and when it comes to managing cyber threats.
With over $500-billion plus said to be lost to cybercrime annually, South Africa alone ranks third in the world for the number of hacked devices. The insurance industry has not been exempt from this disruption that is coming with these technologies.
Cyber-attacks can disrupt the smooth functioning of an organization due to the extent of financial, income loss and reputational damages that it is capable of. A comprehensive cyber-attack insurance cover continues to be a pertinent part of any company, as none is immune to a cyber- attack. Insurance companies continue to face this challenge as the attacks are not specific to any sector or organization.
Cyber criminals are adaptable and are not motivated by money alone. Cyber criminals now look for innovations, blueprints, digital certificates and physical access codes amongst other motivations.
Traditionally, insurance organizations have had the responsibility of managing risks, but due to the nature of cybercrime and its devastating results, a holistic and measured approach is required to combat cybercrime. In the face of insurers facing an all-time low retention rate, backed by growing customer demand and rising concerns about cybercrime, it is high time that organizations adapt their systems accordingly in the fight against cybercrime.
This amongst others, is what led us, at Intact Software Distribution to take on the cyber insurance product WWW.MY-CYBERCARE.COM, underwritten by Genric.
Every year in South Africa, thousands of people fall victim to Identity Theft. This means that someone has stolen their personal information, for the purposes of conducting transactions without their knowledge. A further example is the fraudulent In-App card transactions, where the credit card resides in the app, which are not covered by banks. An example is the Uber App.
Because of the prevalence of Ransomware, a further key component that will be launched imminently, will be the ransomware insurance Add-On to the WWW.MY-CYBERCARE.COM current offering.
We sell this product to businesses, resellers, retailers, online and through the broker channels.