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Manage your business 18 June 2021

How to insure your business against cybercrime

No business can afford to neglect the security of their infrastructure. The consequences of a successful attack are not worth the risk. But even the best security can be breached, which is why every business needs insurance to manage their risk.

Skilled IT professionals know how to manage the risk of a cyberattack by securing your networks and devices and reducing your exposure, but that risk can never be fully eliminated. Hackers and cybercriminals are creative, highly motivated and persistent, and a quick glance at your internet firewall logs may show automated attack attempts probing your network every day.

How can cybercrime harm your business?

What happens when an attacker manages to breach your defences? Hackers fitting the familiar stereotype of the bored teenager in a dark bedroom might be satisfied with vandalising your website. This is embarrassing and can affect your business’ reputation but is unlikely to affect your core operations and can be fixed fairly easily. But what happens when you’re targeted by a more organised criminal gang?

Criminals may target sensitive data, such as customer records, financial records or trade secrets. They might steal these records or secrets and try to sell them to other criminals or your competitors, or they might encrypt them and demand a ransom for the decryption key. They may even do both.

The damage can be enormous. The reputational cost of having your customers’ personal information sold to identity thieves can be devastating on its own, but the added impact of losing financial records or having trade secrets shared with your competitors can be damaging to any business.

Typically, businesses manage risk by purchasing insurance, but traditional business insurance policies may not cover damages due to cybercrime. It is important that you check with your insurance provider whether you are adequately covered.

Commercial Cyber Insurance

Commercial Cyber Insurance, underwritten by The Hollard Insurance Company, provides cover in the event of a cyberattack on your business and provides access to expert consultants including IT, PR and legal professionals, who will assist in guiding your incident response.

Commercial Cyber Insurance has a digital claims process to help you submit your claim online quickly and easily as soon as an attack is identified.

If your business relies on its IT infrastructure, then you should consider a Commercial Cyber Insurance policy.

Visit sbinsure.standardbank.co.za today for a free Commercial Cyber Insurance quote.

Terms and conditions apply.

Standard Bank Insurance Brokers (Pty) Ltd (Reg. No. 1978/002640/07) is an authorised Financial Services Provider (FSP 224) and part of the Standard Bank Group. The Commercial Cyber Insurance product is underwritten by The Hollard Insurance Company Limited (Reg No. 1952/003004/06), a Licensed Non-Life Insurer and an authorised Financial Services Provider.

Terms and conditions apply

Standard Bank Insurance Brokers (Pty) Ltd (Reg. No. 1978/002640/07) is an authorised Financial Services Provider (FSP 224) and part of the Standard Bank Group. The Commercial Cyber Insurance product is underwritten by The Hollard Insurance Company Limited (Reg No. 1952/003004/06), a Licensed Non-Life Insurer and an authorised Financial Services Provider.