Why would my company be a target?

Attacks such as ransomware can affect any company and every industry. Smaller companies are often a target for hackers, particularly if they’re found to have less sophisticated IT infrastructure. The issue is that smaller companies can be severely impacted following a breach, as they have to absorb the high incident response costs. Compromises at larger companies tend to yield larger data sets for theft and breaking into the news, which can also boost a hacker’s reputation.

Can I protect my business without purchasing cyber insurance cover?

There are many ways to mitigate the risk of cyber threats such as staff education, encryption, bring-your-own-device policies and password policies, however, even the most diligent businesses can be exposed to a cyber-attack.

We use state-of-the-art protection; do we still need cyber insurance?

Having the latest technology, firewalls and encryption will reduce the risks of a breach occurring however, many cyber threats originate internally from employee mistakes (misplacing a laptop, or not disposing of confidential information securely). Having state-of-the-art protection is not a 100% guarantee against an incident occurring, which makes a cyber insurance policy highly recommended.

What if we use a cloud provider to store client data?

You’re the custodian of the data and remain responsible for any data lost in a breach. Look to use a cloud service provider that can provide reasonable assurance that your data will be protected, however, there’s still a chance your business could be held liable for data compromised from the cloud environment (the same would apply for other outsourced providers you use and share data with).

Does any other liability policy provide cyber cover?

• A cyber risk insurance policy provides the most comprehensive cover for system and data-related risks. • A Professional Indemnity policy provides limited cover for third-party data loss, but only as it relates to the providing of professional services. • A General Liability policy (as data is deemed intangible) provides no cover. • A Business Interruption policy requires physical damage to trigger the policy and incidents such as ransomware or hacking a server may reflect no physical damage. • A Commercial Crime policy provides cover for first-party financial loss only. • A Directors & Officers policy will likely be triggered after a cyber breach but won’t cover the business interruption, incident response or liability damages suffered by the company.

Hollard Cyber Insurance | Cover Your Business

Name: iToo Cyber Insurance
Brand: Hollard

iTOO

Click here to go to the iTOO website.

Questions about Cyber Insurance?

Call Policy Administration on
0861 767 778 or email
cyber@itoo.co.za

Call Claims on
0861 767 778 or email
cyber_claims@itoo.co.za