“Local businesses, to remain competitive, will need to have cyber policies in place to protect themselves.” ~ Carla Gillham, SATIB Insurance Brokers Brokers
International booking agents, due to the increasing incidents of cyber-crime, are moving towards dealing exclusively with local suppliers who have robust cyber policies in place.
European booking (travel) agents, who place bookings with African suppliers to the trade, have been burnt one too many times by under-delivery on client expectations and being forced to bear the brunt of litigation due to the EU Travel Directive as well as reputational damage. Recent examples include phishing scams where funds are intercepted; bookings made on fictitious websites for accommodation/ service providers that don’t exist and claims against booking agents, by clients who have paid for 5 star advertised lodging to arrive at substandard facilities. In terms of the EU Directive these International Booking agents can be held liable due to the failure of Africa service providers, and as such will look to source contracts with reputable local providers that are adequately insured; so that they are better protected.
Having recently met with Cyber experts at Lloyds of London, Carla Gillham, of SATIB Insurance Brokers Brokers, carries a serious message to the industry – “for local business to remain competitive amongst international booking agents, and their competitors, Cyber Insurance is a prerequisite for sustainability and competitive advantage. EU Booking agents will be reluctant to expose themselves to the cyber risk of local businesses who don’t have cover. African businesses that do purchase the cover can then use it as a marketing tool to differentiate themselves from other providers who do not, which will give them a competitive advantage”
Please contact us on: +27 87 725 2505 or contact@satib.co.za for quotes on Cyber Insurance
Should the U.K split from the EU, SATIB Insurance Brokers Brokers, due to the company’s solid business partnering with Lloyds, will offer cover which aligns with both the U.K and E.U directives.
Cybersecurity webinar hosted by SATIB – 19 August 2020
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