Early this year SHA Specialist Underwriters launched a new cyber insurance product to cater for small to medium sized businesses in South Africa. It is believed that smaller businesses are at greater risk of cyber threats when compared to large corporates, which brought about the need for this product.
The product aims to cover exposure to threats that a large number of businesses actually encounter, rather than a long list of complicated and unnecessary covers. Furthermore the product covers funds stolen in the process of a cyber-attack whereas most other cyber policies do not cover this loss. With an increase in ransomware attacks, the policy covers potential losses and repair costs after an attack and possibly even the ransom if other methods fail.
The need for cyber insurance products will only increase as technology advances and is integrated into businesses and computer-based operations.
See the full article at: