Business Cyber Risk Liability
Business Cyber Risk Liability Insurance
Cybercrime is generally defined as: “Any form of criminal activity involving the use of computers and the Internet. Also referred to as computer crime, electronic crime, e-crime, net crime and hi-tech crime.”
South Africa is very high on the list of cyber-crime victims world-wide, which is why we at De Wet De Villiers Brokers aim to protect our clients’ businesses from liability arising from such an attack.
We comprehend that data and systems are key assets for most companies, because without it a business ceases to exist. From a lost device to a more deliberate cyber-attack, our partnership with iToo Cyber Insurance ensures that we can provide your business with access to expert knowledge and resources to effectively manage and recover from a cyber incident.
Why Cyber Insurance is vital
Cyber Insurance has been designed to cover the resultant costs and damages incurred from a privacy breach or a network security breach. A cyber insurance policy covers what has previously been uninsurable by providing your business with comprehensive first and third-party coverages with an expert incident response process.
Far broader than the name cyber would imply, our policy extends to cover numerous incidents including but not limited to:
Our comprehensive cyber insurance policy can be tailored to your requirements and provides the following coverages:
1ST PARTY, 3RD PARTY and INCIDENT RESPONSE
Fines imposed by a government regulatory body due to an information privacy breach.
Business interruptionLoss of income and increased cost of working as a result of a systems security incident.
Data restorationCosts to restore, re-collect or replace data lost, stolen or corrupted due to a systems security incident.
Outsourced service providerCover for exposure to named outsourced service providers, including:
E-Financial lossUnrecoverable loss of money, belonging to or for which you are legally responsible, as a direct result of a system security incident by a third party. Cryptocurrency losses are excluded.
Payment card industry fines and penaltiesCover for direct monetary fines, penalties, assessments, chargebacks, reimbursements and fraud recoveries which you become legally obligated to pay in terms of a merchant services agreement as a direct result of a network security breach resulting from non-compliance with PCI-DSS.
Reasonable costs to demonstrate your ability to prevent a future breach as required by your merchant services agreement.
Phone phreakingCall and/or bandwidth usage costs you are legally obligated to pay as a result of unauthorised use of your telecommunications system by a third party.
Physical damageCosts to replace or repair direct physical damage of tangible property belonging to or rented, leased or hired by you as a direct result of a system security incident.
Privacy liabilityDefence and settlement of liability claims arising from compromised information.
Network security liabilityDefence and settlement of liability claims resulting from a system security incident affecting systems and data as well as causing harm to third-party systems and data.
Media liabilityDefence and settlement of liability claims resulting from disseminated content (including social media content) including:
Incident response costsCosts to respond to a system’s security incident, including:
Why our offering is different
Waterberg Stereo spoke to De Wet De Villiers Brokers and Van Velden – Duffey Attorneys about the Protection of Personal Information (POPI) Act, which commenced on 1 July 2020. All organisations have to comply with the Act by 30 June 2021.
Listen as they discuss they the progress, implications and applications for businesses in this regard.
Cyber Crime Interview
Our CEO, Thomas de Wet, and Charl Ueckermann from iToo Cyber Insurance, spoke to Die Groot Ontbyt about Cyber Crime.
Watch the interview here:
Contact us today to discuss your Business Cyber Risk Liability and to ensure you are thoroughly covered for any related event or incident.