Our Blog & Insurance Related News
Cyber fraud is reaching new highs in SA – and it’s the apps on your phone putting you at risk
Incidents of cyber fraud impacting South African businesses and consumers are growing at a rapid rate, with mobile payment channels becoming especially lucrative for criminals. The Covid-19 pandemic spurred global digitisation. More shoppers went online as...
How the Russia-Ukraine War Could Affect Cybercrime
Russia’s war on Ukraine and its increasingly isolated internet environment could drive Russian cybercriminals to think outside the box and launch new forms of cyber attacks. This is according to Nclose’s Co-Founder & Technical Director, Martin Potgieter, who says...
The Cyber Insurance Market Needs More Money
Cyber insurance is harder for companies to find than it was a year ago — and it’s likely going to get harder. While cyber insurance is becoming more of a must-have for businesses, the explosion of ransomware and cyberattacks mean it’s also becoming a less enticing...
Massive fuel price increase ahead: carpooling may be the remedy to deal with rising costs
With a massive increase expected to take fuel prices beyond R23 per litre this June, drivers must once again tighten their belts. Motorists will be squeezed even tighter as more people return to the office. Carpooling can be a fantastic way to ease this burden and...
Ransomware gangs take on a new face in 2022
Ransomware operations have come a long way – from somewhat clandestine and amateur beginnings to fully-fledged businesses with distinctive brands and styles that rival each other on the dark web. Overall, they continue to develop and succeed despite big shutdowns of...
Ransomware hits more than half of SA companies
Sophos’s new State of Ransomware 2022 report shows that 51% of South African organisations surveyed were hit with ransomware in 2021. Forty-nine percent of the organisations that had data encrypted paid the ransom to get their data back, even if they had other means...
Only 40% of businesses have multiple solutions to protect against cybercrime – analyst
The majority (99%) of corporates are aware that disaster management is essential. However, Arthur Goldstuck, chief executive of World Wide Worx and principal analyst on the research project, says only 40% of large businesses use multiple solutions to protect,...
These are the top ransomware attacks to be wary of this year
In 2022, ransomware will continue to harm businesses all over the world, with cybercriminals’ attack types and strategies evolving all the time. The increase in ransomware attacks on businesses means that businesses must be hypervigilant about cybercrimes and be aware...
Ransomware needs to form part of any business disaster recovery plan
There can be no doubt that ransomware attacks are on the rise across the globe – a simple online search will reveal thousands of statistics in this regard, and South Africa is no exception. What is also clear from numerous examples of successful breaches, is the...
The murky waters of cyber warfare and insurance coverage
South Africa has seen a dramatic rise in cyberattacks and successful breaches during the past two years as well as an accompanying surge in ransom demands. In the most recent high-profile attack, credit reporting agency TransUnion South Africa revealed that at least...
TransUnion faces R10-million fine for hack
Credit bureau TransUnion could be slapped with a R10-million fine after it suffered a data breach that compromised the personal information of millions of South Africans, the Information Regulator of South Africa has said. The company confirmed on Thursday that a...
How underfunding of cybersecurity may affect the country
Underfunding of critical cyber defences is leaving South African organisations exposed to damaging cyberattacks. New research has found that 97 percent of South African organisations say they have been negatively impacted by a lack of budget for their cyber resilience...
Cyber reinsurance premium to exceed property cat in decade beyond 2030
Analysis by global reinsurance broker, Gallagher Re, finds that by 2040 the cyber market will become comparable in size to either property or casualty as the segment experiences a second wave of growth from 2023. Gallagher Re’s cyber reinsurance team has published a...
Cyber insurance policies gain steam as hacks become more sophisticated
An explosion in costly cyberattacks created a rapidly growing niche business: cyber insurance. The industry generated $8 billion in revenue in 2020. The number may grow to $20 billion by 2025. "Seven or eight years ago, this was never discussed," said Rob Clyde, the...
6 ways to prepare for the next wave of ransomware in 2022
Ransomware as a trend will continue to affect businesses across the world in 2022 – with attack types and tactics from cybercriminals evolving all the time. As attacks get more sophisticated, so do the consequences of falling victim to ransomware and the complexity of...
Beware the ransomware pandemic
A report by cyber insurer Allianz Global Corporate & Specialty highlights the surge in ransomware incidents, which could be prevented if companies strengthen their cyber security and controls. During the COVID-19 crisis another outbreak has happened in cyber...
Consumers ‘will feel the impact’ of higher Sasria premiums
Consumers are justifiably concerned about the impact of Eskom’s demand for a 20% tariff increase, but there’s another factor that could contribute to rising inflation this year: significantly higher Sasria rates on commercial vehicles. Sasria announced its 2022 rates...
Will 2022 sustain the sophisticated cyberattacks developed in 2021?
After two years of unexpected events, how will 2022 stack against what is becoming a much more sophisticated approach to cybercrime? While cloud technology enjoyed an unprecedented increase in its adoption, entire industries were held back after major cyberattacks....
A growing cyberthreat landscape is resulting in an urgent need for more cybersecurity skills in South Africa
Globally, more than 10% of Internet user computers experienced at least one malware attack in 2020. Furthermore, in the same year, Kaspersky solutions blocked over 665 million attacks launched from online resources. Meanwhile in Africa, the most recent common...
Collaborative risk management central to a new insurance paradigm
According to Santam's research, 62% of commercial entities cite the struggling South African economy as their biggest emerging concern The economic downturn has impacted businesses across our specialist lines of insurance. We’ve seen the marine, heavy haulage, taxis...