Our Blog & Insurance Related News
Top cybersecurity predictions for the years ahead
Executive performance evaluations will be increasingly linked to ability to manage cyber risk; almost one-third of nations will regulate ransomware response within the next three years; and security platform consolidation will help organisations thrive in hostile...
The role of human error in cybersecurity breach
According to a study by IBM, 95% of cyber security breaches result from human error. Even though humans make mistakes, this mistake is so overwhelming in cybersecurity that 19 out of 20 cyber breaches result from human error. Another report indicated that human error...
Lloyd’s Insurers Must Exclude State-Backed Cyber-Attacks to Avoid Systemic Risks
Lloyd’s insurers must exclude state-backed cyber-attacks in standalone (or affirmative) cyber policies, according to a Lloyd’s market bulletin issued this week. The exclusion would include liability for losses arising from both war- and non-war-related state-backed...
Climate Change, Insurance Change
hange is the constant companion of the global insurance market. While geared for risk-mitigation, the omnipresent threat of the unanticipated catastrophe due to climate change demands a shift in the insurance outlook to account for its place in a world with a new set...
Cybercriminals eye South African SMEs lack of security
Steve Flynn, sales and marketing director of ESET South Africa, says South African small businesses are particularly vulnerable to cyberattacks. Why? Business owners aren’t taking the necessary precautions to protect their digital assets, often with dire financial...
Cybersecurity best practices – how should companies respond to a cyberattack?
Businesses have seen a massive spike in cyberattacks since the pandemic began, with weekly numbers reaching an all-time by the end of last year, the latest report from cyber intelligence firm Check Point Research has revealed. Globally, the volume of attacks jumped by...
Grudge purchase or not – cyber security is non-negotiable
Research into the global cyber security threat landscape shows a marked increase in threats to business services, an evolution in ransomware attacks and confirmation that emails are being used to send malicious documents and executables like infostealers and Trojans....
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...