What has changed?
It is a short week on the calendar, but a full and long one for many of us as we focus on mitigating the risk that the COVID-19 pandemic has brought into our businesses and our lives. You would have by now received several Advisories from the COVID Task Team at SATIB with the aim of helping you navigate these turbulent waters. Should you perhaps have missed one please visit http://www.firstequity.co.za/covid-19/
We have already touched on the increased exposure to Cyber Crime as a result of our remote working environment. It is probably the largest “new” risk and it is not going away. Many businesses have identified the obvious benefits of remote working, SATIB included, and will no doubt be making some permanent changes to how they work going forward. So, it is important to understand all you can about Cyber Crime, what you can do to reduce the risk and what covers are available. Visit https://satib.co.za/cyber-insurance/ for details.
What has changed in the past few weeks is the insurance markets appetite for embedded Cyber Crime offerings. It used to be a cover that would be added to another underlying policy e.g. Home Insurance, your Business Insurance or Public Liability, to differentiate themselves from competitors’ products.
Insurers are seeing an unprecedented increase in claims and are now rapidly removing this embedded Cyber cover and insisting that businesses/ individuals buy standalone Cyber Insurance that more accurately speaks to their needs.
SATIB Cyber, underwritten by Lloyd’s of London, offers unique and exclusive cyber protection insurance in the following ways:
DATA BREACH INCIDENT RESPONSE
Call our hotline to a pre-approved top breach response law firm, who will initiate an investigation and coordinate the response plan on your behalf. This hugely important support will guide you through the process of dealing with a potential or actual cyber event including doing the following:
- Engagement of forensic and IT security vendors to investigate the scope of the breach and provide expert response guidance.
- Identification of mandatory notification requirements.
- Assessment of voluntary notification options.
- Agreement of notification strategy / plan.
- Appointment of Call Centre / Credit Monitoring service providers.
- Public relations services.
- Mitigation of potential 3rd party liability actions
NETWORK SECURITY, PRIVACY AND DATA BREACH LIABILITY COVER
Our product protects our customers for costs to defend and resolve liability claims brought against you as a result of a security or privacy event.
REGULATORY LIABILITY
Our product covers our customers’ regulatory fine (wherever legally permissible) and associated legal costs following a security or privacy event.
PCI FINES AND ASSESSMENTS
This section of our product, if you accept credit card payments, covers our customers’ contractual fines and associated legal costs following a security or privacy event that affects payment cards.
BUSINESS INTERRUPTION
This section of our product gives cover for our customers’ loss of income following a security or privacy event.
DATA RESTORATION
This section of our product gives cover for our customers’ costs for data restoration or recompilation following a security or privacy event.
CYBER EXTORTION
This section of our product gives cover for our customer’s costs incurred following a cyber extortion threat.
MEDIA LIABILITY
This section of our product gives cover for our customer’s costs to defend and resolve liability claims as a result of media wrongful act while releasing any content on their website or via social media.
CYBER CRIME/ SOCIAL ENGINEERING EXTENSION
This section of our product gives cover for our customer’s financial loss relating to a social engineering event such as phishing.
While traditional Cyber Insurance is likely to be removed from underlying policies in the future and we advise you to look at the standalone option above, SATIB’s innovations team are busy with an alternative risk transfer product in the Cyber space, so watch this space.
We have your best interests in mind, and we go to great lengths to ensure you have access to the right products and advice to protect you and your business. It is important to note that by NOT recognising this exposure and putting in place what are considered reasonable risk management initiatives, Directors & Officers of companies may be held personally liable.
Do not wait until renewal to engage with your broker. Use this time to talk to your broker and while re-structuring your covers, ask about our Cyber Insurance product.
