Digital technologies have migrated from their roles as services at the periphery to core enablers of organisations. Along with the evolving role of digital technologies, comes the evolving risk of cybercrime which companies ignore at their peril.
Cyber-criminals will increasingly focus on exploiting the human factor of organisations, as networks and programs become more secure. This is why a combination of employee training, state-of-the-art security software and a comprehensive cyber-liability policy is the only way that businesses will be able to ensure that all of their cyber risks are mitigated.
As Justin Keevy of Marsh explains, it’s not just about risk, but also about penalties and legal fees. There are two insurance policies available to South African companies: commercial crime insurance, and cyber liability insurance. The first covers the direct financial losses to the insured’s business, and the latter deals with all exposures facing computer networks and systems.
Find out more about cyber crime and risk in this issues cyber Feature.