Traditional Cyber Insurance application forms are lengthy, onerous to fill out and need to be completed by multiple high-level employees. This causes frustrations and time delays which often results in incomplete applications.
On top of this, 90% of Cyber Insurance applications are not offered cover due to a lack of basic security features like Two-Factor Authentication (2FA) and up-to-date anti-virus software.
This leaves most businesses very vulnerable to the increasing liabilities that come with Data Breaches, Denial of Service, Ransomware attacks and more. Below are the CyberCrime stats in SA from 2021 on the causes of Cybercrime:
The Real State of CyberCrime in South Africa 2021:
Cyanre - The Authority on digital forensics in Africa
15% Outdated Anti-Virus
15% Unsecured RDP Structures
21% Poorly Configured Firewall Rules
23% Outdated Firewall Patches
44% Easily Guessable Passwords
iTOO Cyber Go was designed to make taking out Cyber Insurance for your business simple, quick and cost-effective with click-to-buy cover starting at R255/month.
The policy covers:
Cyber extortion and malware: Viruses, ransomware, or publishing of stolen data.
Denial of service: Disruption to operations.
Downstream attack: A compromise of your environment resulting in damages to others.
Hacking: Gaining of unauthorised access to systems and/or data.
Insider and privilege misuse: Unauthorised access and use of systems and data by employees and service providers.
Payment card industry fines and penalties: Cover for direct monetary fines, penalties, assessments, chargebacks, reimbursements and fraud recoveries which you become legally obligated to pay in terms of a merchant services agreement as a direct result of a network security breach resulting from non-compliance with PCI-DSS.
Physical theft and loss: Both devices and physical hard copy data.
Threats posed by third party access: Gaining of unauthorised access to systems and/or data via third party access into a client environment.
On top over the cover, the policy will cover and assist with: Incident response costs.
These are the costs to respond to a system’s security incident, including:
Obtaining professional (legal, public relations and IT forensics) advice, including assistance in managing the incident, co-ordinating response activities, making representation to regulatory bodies and coordination with law enforcement.
Performing incident triage and forensic investigations, including IT experts to confirm and determine the cause of the incident, the extent of the damage including the nature and volume of data compromised, how to contain, mitigate and repair the damage, and guidance on measures to prevent reoccurrence.
Crisis communications and public relations costs to manage a reputational crisis, including spokesperson training and social media monitoring.
Communications to notify affected parties.
Remediation services such as credit and identity theft monitoring to protect affected parties from suffering further damages.
Hackers are regularly updating and improving their tactics to attack businesses. It's important to treat cyber attacks as a serious threat to your business and put security features in place to minimise the risks like 2FA, regularly updated passwords and up-to-date anti-virus software. Even with these in place, a comprehensive Cyber Insurance Policy gives you peace that your business can survive a cyber attack.