Business Cyber Risk Liability
Insurance

Business Cyber Risk Liability Insurance

Cybercrime is generally defined as: “Any form of criminal activity involving the use of computers and the Internet. Also referred to as computer crime, electronic crime, e-crime, net crime and hi-tech crime.”

South Africa is very high on the list of cyber-crime victims world-wide, which is why we at De Wet De Villiers Brokers aim to protect our clients’ businesses from liability arising from such an attack.

We comprehend that data and systems are key assets for most companies, because without it a business ceases to exist. From a lost device to a more deliberate cyber-attack, our partnership with iToo Cyber Insurance ensures that we can provide your business with access to expert knowledge and resources to effectively manage and recover from a cyber incident.

Why Cyber Insurance is vital

Cyber Insurance has been designed to cover the resultant costs and damages incurred from a privacy breach or a network security breach. A cyber insurance policy covers what has previously been uninsurable by providing your business with comprehensive first and third-party coverages with an expert incident response process.

Far broader than the name cyber would imply, our policy extends to cover numerous incidents including but not limited to:

• 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 into a client environment.

Our comprehensive cyber insurance policy can be tailored to your requirements and provides the following coverages:

1ST PARTY, 3RD PARTY and INCIDENT RESPONSE

1ST PARTY

Regulatory fines

Fines imposed by a government regulatory body due to an information privacy breach.

Business interruption

Loss of income and increased cost of working as a result of a systems security incident.

Data restoration

Costs to restore, re-collect or replace data lost, stolen or corrupted due to a systems security incident.

Outsourced service provider

Cover for exposure to named outsourced service providers, including:

• Defence and settlement of liability claims resulting from your data being compromised from an outsourced service provider;
• Business interruption losses resulting from a systems security incident at an outsourced service provider; and
• Costs to change to an alternate outsourced service provider if required.

E-Financial loss

Unrecoverable loss of money, belonging to or for which you are legally responsible, as a direct result of a system security incident by a third party. Cryptocurrency losses are excluded.

Payment card industry fines and penalties

Cover for direct monetary fines, penalties, assessments, chargebacks, reimbursements and fraud recoveries which you become legally obligated to pay in terms of a merchant services agreement as a direct result of a network security breach resulting from non-compliance with PCI-DSS.
Reasonable costs to demonstrate your ability to prevent a future breach as required by your merchant services agreement.

Phone phreaking

Call and/or bandwidth usage costs you are legally obligated to pay as a result of unauthorised use of your telecommunications system by a third party.

Physical damage

Costs to replace or repair direct physical damage of tangible property belonging to or rented, leased or hired by you as a direct result of a system security incident.

3RD PARTY

Privacy liability

Defence and settlement of liability claims arising from compromised information.

Network security liability

Defence and settlement of liability claims resulting from a system security incident affecting systems and data as well as causing harm to third-party systems and data.

Media liability

Defence and settlement of liability claims resulting from disseminated content (including social media content) including:

• Defamation;
• Unintentional copyright infringement; or
• Unintentional infringement of right to privacy.

INCIDENT RESPONSE

Incident response costs

Costs to respond to a system’s security incident, including:

• Obtaining professional (legal, public relations and IT forensics) advice, including assistance in managing the incident, co-ordinating response activities, making representation to regulatory bodies and coordination with law enforcement;
• Performing incident triage and forensic investigations, including IT experts to confirm and determine the cause of the incident, the extent of the damage,= including the nature and volume of data compromised, how to contain, mitigate and repair the damage, and guidance on measures to prevent reoccurrence;
• Crisis communications and public relations costs to manage a reputational crisis, including spokesperson training and social media monitoring;
• Communications to notify affected parties; and
• Remediation services such as credit and identity theft monitoring to protect affected parties from suffering further damages.

Why our offering is different

• IT response costs to understand, mitigate and recover from the incident.
• Crisis communications and public relations costs, to reduce potential reputational damage and customer churn.
• Notification and remediation services, to prevent affected parties suffering further damages.

Waterberg Stereo spoke to De Wet De Villiers Brokers and Van Velden – Duffey Attorneys about the Protection of Personal Information (POPI) Act, which commenced on 1 July 2020. All organisations have to comply with the Act by 30 June 2021.

Listen as they discuss they the progress, implications and applications for businesses in this regard.

Cyber Crime Interview

Our CEO, Thomas de Wet, and Charl Ueckermann from iToo Cyber Insurance, spoke to Die Groot Ontbyt about Cyber Crime.

Watch the interview here:

Contact us today to discuss your Business Cyber Risk Liability and to ensure you are thoroughly covered for any related event or incident.