Cyber Insurance For Your Business

Business Cyber Quote

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We are different

Our cyber insurance (starting from R223 p.m.) product includes a defined incident response process including a wide range of experienced specialists with a local presence as well as global experience and expertise, spanning the following key areas:

  • IT response costs to understand, mitigate and recover from the incident
  • Crisis communications and public relations costs, to reduce potential reputational damage and customer churn
  • Notification and remediation services, to prevent affected parties suffering further damages

What does Business Cyber Insurance Cover?

Coverages

Cyber liability:

Defence and settlement of liability claims arising from:

  • Compromised information
  • A system security threat incident affecting systems and data as well as causing harm to third-party systems and data
  • Fines assessed by a government regulatory body due to an information privacy breach (including POPI), where legally allowed

Crisis management and notification expenses:

  • Public relations campaigns to limit reputational damage
  • Costs for communications during the crisis, especially to keep affected parties informed
  • Notification of affected parties
  • Remediation services to safeguard affected parties, e.g., credit monitoring

First party expenses:

  • Expenses for security specialists, attorneys, forensic investigators, and loss adjustors to contain, manage and recover from an incident
  • Costs to restore, re-collect or replace data lost, stolen or corrupted due to a system security incident, or costs incurred until such point in time where it is established data can’t be recovered / restored
  • Increased cost of working following a breach

Loss of business income:

Network business interruption to compensate the organisation for system downtime and consequent loss of earnings as a result of a breach

However, Loss of Business Income shall not mean bank interest or investment income, nor include penalties paid to third parties or losses arising from Claims made by third parties.

Cyber extortion:

Costs to investigate and mitigate a cyber-extortion threat. Where required, costs to comply with a cyber-extortion demand.

Cyber extortion loss can be cancelled by the insurer if it is made public that your business has the cyber extortion cover.

Digital media liability:

Defence and settlement of liability claims resulting from disseminated content including:

  • Defamation
  • Unintentional copyright infringement
  • Unintentional infringement of right to privacy

Specified events

Far broader than the name cyber would imply, our policy extends to cover numerous incidents including but not limited to:

  • Cyber extortion and malware (viruses, ransomware, or publishing of stolen data).
  • Denial of service (disruption to operations).
  • Downstream attack (a compromise of your environment resulting in damages to others).
  • Hacking.
  • Insider and privilege misuse (unauthorised access and use of systems and data by employees and service providers).
  • Physical theft and loss (both devices and physical hard copy data).
  • Threats posed by third party access into a client environment.
If you have any questions about exactly what is covered, please contact us by clicking on the WhatsApp help button at the corner of your screen or filling out our form

How much Cyber Insurance does my business need?

With the policies available through CI-ME you can choose coverage amounts from R250 000 to R10 million 

Sit back for a minute and think about the impact on your business if your website was taken offline?  Could your business survive the reputation damage, and the losses associated with a data breach?  

You should consider what your business requires:  

  • The type of risks to your business and the likely cost to manage and recover from a data breach.
  • The amount and nature of customer data you store and the security arrangements in place to protect that data.
  • Cover your suppliers, like cloud data storage suppliers, may have in place.

Product Information

 

For qualifying businesses with revenue below R250m we have the iTOO-GO product. Click here for the fact sheet (pdf):
Product Overview

Calculate how much cover your business needs

This free calculator tool is based on a business with average security capabilities with regards to protecting, detecting and recovering from cyber attacks.

This calculator gives an estimate of the financial loss that an organisation like yours (i.e. same industry and revenue) might suffer from a cyber incident over the next year. However this is only an estimate, the financial loss could be higher or lower depending on the exact nature of your business and particular circumstances of an attack.
If you would like to speak to a broker about how much cyber insurance you need, please fill in our contact form.
Cyber Calculator

Claim examples

Scenario 1

An employee clicks on a link in an email and malware is downloaded which encrypts all information throughout the organisation. A ransom demand is received requiring payment in 24 hours in exchange for the key to decrypt the information.

  • Policy trigger: network security breach (malicious code)
  • Potential incident response costs: specialist’s costs to recover operations and calculate lost revenue as a result of downtime, increased cost of working i.e., overtime once the information is decrypted, extortion negotiation fees, actual extortion payment, specialist costs to contain and remove the malware as well as recover data, forensics, legal consultation fees and incident response manager fees.

Scenario 2

The incorrect attachment is accidentally mailed out to a third-party. The attachment contains personally identifiable information belonging to employees and customers.

  • Policy trigger: privacy breach
  • Potential incident response costs: credit and identity theft monitoring expenses for those whose personally identifiable data was disclosed, forensics, legal consultation fees for defence and settlement of ensuing liability claims and incident response manager fees.

Scenario 3

An online platform provider suffers a denial of service attack which results in their clients’ not being able to access their hosted portals for several hours.

  • Policy trigger: network security breach (denial of service attack)
  • Potential incident response costs: specialist’s costs to recover operations and calculate lost revenue as a result of downtime, increased cost of working i.e., overtime once the portals are back online, costs to set up and operate a call centre for enquiries, public relations expert fees to minimise the reputation damage, forensics, legal consultation fees and incident response manager fees.

Items to consider when contemplating Cyber Insurance

  • Dependence on data and systems:
    • If access to these was removed, could you recover from scratch and if so how long would it take and at what cost?
  • Data that you store, process, and have access to:
    • What could the impact be if data were lost or compromised (own and 3rd party)?
  • If an incident occurred, who would you get to investigate and assist in recovering from the incident?
    • Are they equipped to conduct a proper forensic investigation?
    • What would it cost to conduct a forensic investigation?
    • What could the potential impact be of not investigating and managing an incident correctly?
  • What could liability and defence costs total?
  • Do you have coverage gaps in your existing cover?

Incident response is a cornerstone of a cyber insurance policy. Our underwriters, ITOO, have put together an incident response panel of experienced incident response providers, who are accessible via our 24/7 incident response hotline at 0861 767 778.

Business Cyber Quote

Frequently asked questions

Am I covered for e-financial loss?

Our online solution doesn’t cover e-financial loss (phishing and similar incidents). However, in most cases we can provide this cover with a few additional questions. If you are interested in this, please contact us.
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