What are Cyber Risks?

Cyber Risks range from loss of information on a single laptop, to the threats posed by cloud computing. Businesses may also face issues regarding denial of service or defacement and disruption to their web presence. Risks are evolving and becoming more complex at a rapid pace. Where organisations have in the past invested in security and protection for their physical assets, consideration now needs to focus on network and system safeguards. To help businesses manage these risks, a number of leading insurers have created innovative products designed to counter some of the potentially far-reaching consequences of data leaks and breaches.

What does Cyber Insurance cover?

Cyber Liability Insurance can help mitigate not only the potential financial impact of a data leak, loss or network security breach, but also the reputational impact and the IT impact by combining traditional liability insurance cover with professional PR consultancy assistance and IT assistance. Cyber Liability comprehensive cover includes 1st Party cover, 3rd Party cover and Incident Response cover.

Get cover for your business with Cyber iTOO Go

Cyber iTOO Go Insurance is a product available to South African SMEs, for qualifying companies with revenue below R250m, offering with simplified underwriting and pre-underwritten rates. Once you have purchased the insurance you will be covered and will instantly receive your Policy Schedule and Terms & Conditions via email.
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Here's the reality of cyber attacks in South Africa:

• Malware is on the rise: 93% increase of ransomware attacks in 2021.
• ^‍SMEs in the crosshairs: 63% reported experiencing a data breach in the previous 12 months.
  
• ^‍Remote working threats: 22% of SMEs switched on remote working without a threat prevention plan.
  
• ^‍Difficult to recover: 39% don’t have an incident response plan, believed 66% of SMEs would not be capable of recovering from a cyber attack.
  
• ^‍Passwords still a key risk: 70% of SMEs employees passwords were stolen or lost.
  
• ^‍Average cost in S.A: The average cost per stolen or lost record in South Africa is R 2 412.
  
• ^‍Time to identify: Avg approx. 287 days to detect a breach and additional 75 days to contain.

Personal Cyber Insurance

[MY]CYlution from iTOO. From banking app losses to cyberbullying and identity theft, our digitally integrated lives are becoming more vulnerable to personal cyber-attacks. At iTOO, their Cyber Experts are highly respected industry leaders who understand the intricate actions needed to protect and cover you and your family. Designed by South Africa’s top cyber mitigation specialists, this personal cyber insurance offering called [MY]CYlution provides cover, that has been uniquely tailored to meet the South African market’s needs.

Life happens online 24/7. So does crime. Isn’t it time you were personally covered against cyber crime?