In today’s day and age, it is virtually impossible to imagine a life without connecting to the world wide web. Businesses have rapidly moved to the online space and, added to this, most adults and children walk around with a supercomputer in their pockets that is constantly connected to the internet. The fact of the matter is that our constant connectivity leaves us vulnerable to cybercrime. This form of criminal activity either targets or uses a computer, a computer network or any other network device. Cybercrime is usually committed by highly skilled individuals or organisations that use advanced techniques to make money. A few specific examples of cybercrime include; Email or Internet fraud, identity fraud, theft of financial or card payment data, theft or sale of corporate data, among others.
What’s most concerning is that the commercialisation of cybercrime has significantly increased the occurrence and severity of cyberattacks on both small businesses and large corporations. The question then is how do we outsmart cybercriminals? A special division of Santam called SHA risk specialists may offer the solution. SHA recognises the profound consequences that the constantly expanding cyber risk potentially has on a business, especially for smaller companies that may not have the appropriate resources or infrastructure to handle such an attack. The SHA Cyber offering involves a combination of first and third party cover that responds to a data breach or a cyber incident. If all this tech talk is leaving you a little confused below are a few definitions:
First party cover is designed to reduce the financial impact on a company that purchased the insurance and covers data breaches and cyberattacks that happen at your business.
The third-party cover provides protection if the company that purchased the insurance makes a mistake that leads to a client suffering data breaches or cyberattack.
Data breaches refer to an incident where information is stolen or taken from a system without the knowledge or authorisation of an individual or company.
Cyber incidents refer to a malicious act, human error, data theft, DoS attack, malware (software designed to disrupt, damage, or gain unauthorised access to a device or computer system), which affects your computer system or the computer system of a service provider.
If you are concerned about falling victim to a cyberattack, contact a broker at PBA Financial Services today who can help ensure that you and your company are efficiently protected. The continuation of your company may just depend on it!
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