Is your business insured against a cyber-attack?
Did you know that hackers attack every 39 seconds, on average 2,244 times a day? And that cyber claims have more than doubled in the last year by frequency? It’s safe to say that protecting your company no longer means simply installing a security system and burglar bars. All companies handling client data need to be aware of cyber-attacks.
According to a recent research report South Africa has the third most cybercrime victims worldwide, losing R2.2 billion a year. And because of our country’s low investment in cyber security and immature cybercrime legislation it makes South African companies easy targets.
Today, your company’s data and your client’s information is almost more important than your property and physical equipment on your premises or in your office. Especially as companies are 9 times more likely to have a ransomware attack than they are to have a fire.
Valuable equipment that is broken down, damaged or stolen can be replaced. Unfortunately, client trust cannot.
Trust is built over years and security breaches can tarnish it and your company’s name in just a few swift key strokes.
Security breaches and the loss of client trust is not simply a PR problem, but a massive financial liability.
How then to protect your company?
Consort’s Cyber Insurance is a specialised insurance policy designed to minimise your loss in the case of a cyber incident. Cyber-attacks can range from privacy breaches, extortion demands, and malware outbreaks. In the last 2 years, we have handled 2 500 cyber incidents and up to 8 incidents on a daily basis.
Because over 75% of our cyber claims activity is as a result of human error, including accidental disclosure, we have teamed up with specialist providers from around the globe that offer our cyber policyholders a preventative and reactive services to improve security even before a crisis strikes.
What does Consort’s Cyber Insurance protect me from?
- Increasingly common, ransomware attacks can seriously impair your ability to operate and result in significant business interruption losses. Over 50% of businesses don’t have adequate back-ups in place and are forced to pay the ransom.
- Business Email Compromise (BEC). This breach happens when hackers gain access to your business email account and use it to reroute emails or fake invoices to defraud your company.
- Data breaches. Today data can be more valuable than gold and because of the sheer volume of data many companies collect and store, most information is saved electronically. Not only is this data critical to running your business, but it’s also often subject to privacy laws.
Core features of Consort’s Cyber Insurance
- Market-leading incident response proposition
- Comprehensive business interruption covering the full supply chain
- Cover for full data-recreation
- Full cybercrime cover
- Unlimited reinstatement
What is covered?
Not all cyber policies are created equal and many may only insure for the cost to recover or restore data from back-ups, but not the costs to re-create or re-enter lost data from scratch. Consort Technical Underwriters offers a comprehensive policy that covers your from beginning to end:
- Cyber incident response costs. This includes IT forensics, legal, breach notification, and crisis communications.
- Cybercrime including social engineering, theft of personal funds, cyber extortion, ransomware attacks, and unauthorized use of computer resources through cryptojacking or botnetting.
- System damage and business interruption. Our cover includes full data re-creation, income loss, and extra expense, additional extra expense, consequential reputational harm and hardware repair, and replacement.
- Network security and privacy liability that also comprises of management liability arising from a cyber event and regulatory fines and penalties.
- Media liability that covers defamation and intellectual property rights infringement.
- Technology errors and omissions.
- Court attendance costs.
Underwritten by CFC Underwriting Limited. CFC Underwriting Limited is Authorised and Regulated by the Financial Conduct Authority FRN: 312848. Registered in England and Wales RN: 3302887 Administered and arranged by Consort Technical Underwriting Managers (Pty) Ltd in partnership with CFC Underwriting Limited.