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Standard Bank introduces Cyber Insurance for Businesses
Community Coordinator
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Are you worried about your business becoming a victim of cybercrime? We’ve got you covered with our ground-breaking new cyber insurance solution. 

 

Cybercrime is a massive problem in South Africa. According to a report from Accenture, SA has the third-highest number of cybercrime victims globally, and cyberattacks lose the country approximately R2.2 billion each year.

 

This, coupled with the growing amount of clients doing business online due to COVID-19, propelled us to launch a cyber insurance offering. The result? You can gain peace of mind knowing your business is covered in the unfortunate event that it falls victim to a cyberattack. 

 

Standard Bank Insurance worked closely with UK-based INSTANDA and Hollard to develop this new cyber insurance solution.   

“The risks of the modern world demand protection from the danger of cyberattacks,” says Leon Vermaak, global head of Insurance at Standard Bank. 

“Cybercrime is a very real threat, and for many commercial entities, data and information are just as important as any asset they own. Protecting that asset is where we come in.” 

 

Standard Bank’s commercial cyber insurance solution provides cover to businesses for losses incurred as a result of cybercrime. It is designed to cover the resultant costs and damages from a privacy breach or a network security breach, something which has been uninsurable in the past, and provides comprehensive first- and third-party coverages with an expert incident response. 

 

Services include the costs to investigate and mitigate a cyber extortion threat and, where required, costs to comply with a cyber extortion demand as well as the costs to restore, re-collect or replace data lost, stolen or corrupted due to a systems security incident.

 

This new offering extends to incident response costs and covers numerous incidents including but not limited to the following:

 

  • 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 to a client environment

“We wanted to offer something which was comprehensive and met the changing needs of our clients at a time when they have had to be agile and more digital because of the COVID-19 pandemic. As more data and business functions are moved to digital, the risk to businesses will increase. Protection from that risk is paramount,” Vermaak says.

 

Standard Bank’s new cybercrime insurance solution is already available and can be purchased by contacting your relationship manager at Standard Bank or by visiting https://sbinsure.standardbank.co.za/

 

References: 

Accenture. 2020. ‘Innovate for Cyber Resilience: Lessons from Leaders to Master Cybersecurity Execution’. [Online] Available: https://www.accenture.com/_acnmedia/PDF-116/Accenture-Cybersecurity-Report-2020.pdf (Accessed: 6 November 2020).

The Commercial Cyber Insurance product is underwritten by The Hollard Insurance Company Limited (Reg. No. 1952/003004/06), an Authorised Financial Services Provider. Standard Bank Insurance Brokers (Pty) Ltd (“SBIB”) is an authorised financial services provider FSP 224. SBIB is a group company of The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06), an authorised financial services and registered credit provider (NCRCP15). 

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2 Comments
Xavierpratt
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great information, good article. especially in such a difficult situation in the world associated with covid disease. in any case, you need to take care of your life. especially since you can work remotely, it can save you health. I found a job on the search remote jobs . chose a job in which I have experience

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