A Rise in Cyber Threats

Your state-of-the-art secure server systems can be accessed in minutes by a genius hacker known only by an untraceable IP address. This is not a game you want to play. 

Globally, one of a business’s biggest risks is cyber threats and the national lockdown and increased remote working due to the Coronavirus has brought this to the fore.

Technology has allowed so many businesses to continue operating, and staff are connecting from across the country, and some even across the globe. From a technology perspective, businesses are now more exposed than ever. Securing a network is imperative, and with staff accessing infrastructure remotely, one of the biggest challenges business owners have come across is protecting themselves from exposure.

Additionally to this, there is increased regulation with regards to the management of personal information, and it has become a business imperative to ensure the right protection and tools are in place. The South African Government has recently proclaimed the POPI commencement date to be 1 July 2020.

Cyber Cover protects you in the instance of having a cyber-attack. One of the benefits of a cyber policy is that it enables you to diagnose the impact of the cyber-attack and our service providers help not only to manage this but also to resecure your networks.

In an article published on 19 August 2020 by BusinessTech, “Experian, a consumer credit reporting company, says it has experienced a breach of data which has exposed some personal information of as many as 24 million South Africans, and 793,749 business entities, to a suspected fraudster”. Additionally, on 23 July 2020, and according to The Guardian, “A ransomware attack that took the GPS and smartwatch business Garmin entirely offline for more than three days is believed to have been carried out by a Russian cybercriminal gang which calls itself ‘Evil Corp’”. Speculation is that Garmin must have paid a large ransom to recover the computer files stolen by these hackers.

As technology develops, remote working continues to gain traction, and as these incidents continue to be on the rise, it has now become increasingly important to safeguard yourself from cyber threats. A business is not guaranteed, even with a significant investment, that its IT environment is totally secure. Cyber insurance is an important consideration when assessing your risks and proactively preparing for potential loss or damage. Cyber cover is available to both businesses and individuals.

Speak to one of our risk advisors and enquire about how you can effectively protect yourself, even in a virtual world, against the risks posed by cybercriminals.

2020-09-16T12:03:07+02:00