With daily news of data breaches and cyber attacks not only on giant enterprises but small businesses too, it’s vital to ensure your business is protected.

Why do you need Cyber Insurance? 

Data breaches are expensive. 

Outside of opportunity costs, one breach to one company could easily strip you of hundreds of thousands of rands in:

  • Costs of investigating the incident
  • Costs of notifying your clients of the breach
  • Costs of helping your clients not have their lives ruined on account of the breach (i.e. identity recovery)
  • Costs of restoring your compromised data
  • Costs of downtime
  • Legal fees

These are exactly the elements that cyber insurance will help with, both in terms of financial coverage and remediation services.

Types of policies and cover

Depending on the nature of your business and risk, you can either add cyber insurance to your existing policy at an additional fee or you may need to take out a seperate policy for full comprehensive cover. 

What does Cyber Insurance Cover? 

  • The cost of repairing hardware/software
  • Extortion money required by a hacker
  • Loss of transferred funds
  • Public relations costs, such as notifying employees and clients about a data breach
  • Losses from corrupted or stolen electronic data
  • Reputation management expenses after a cyberattack
  • Fines and fees from regulatory organizations
  • Negligence claims
  • Network privacy and network liability claims
  • Breach of contract claims
  • Libel, slander, defamation, copyright infringement, and other media liability claims
  • Lost income from business interruptions

*The precise coverage and liability amounts vary by provider and by policy. Get a quote for cyber insurance by sending an email to info@vcib.co.za

Leave a Reply

Your email address will not be published.