Article provided Santam
Last year, South Africa had the third highest number of cybercrime victims in the world resulting in losses of R2.2 billion. In a world of data breaches and hacks, cyber security is important for everyone with an online presence, more so for businesses with the responsibility to protect customers. The question is: who protects the businesses? This is why cybercrime insurance is a vital part of making any business future fit.
Philippa Wild, Head: Commercial Underwriting from Santam says, “With the world changing in the way it is, it is important that companies stay ready for what lies ahead. One great advantage of having cyber insurance is that it enables a business to bounce back from specified business interruptions and financial losses incurred as a result of cybercrime. Cyber insurance also helps with the practical side of getting IT experts to restore systems, recreate data and pre-empt new threats.”