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Cyber Crime In South Africa - You ARE At Risk!
Cyber Crime In South Africa - You ARE At Risk!
Cyber crime. It’s amazing how that phrase, completely foreign to most people less than a decade ago, now rolls so easily off our tongues. The reason is not so much that we’re great at embracing the constant evolution of the English language, but more because the spectre of cyber crime is now a daily occurrence in countries around the world. And the number of attacks is only going up. Experts predict damages related to cyber crime will cost the world a staggering $6 trillion annually by 2021.
Cyber crime. It’s amazing how that phrase, completely foreign to most people less than a decade ago, now rolls so easily off our tongues. The reason is not so much that we’re great at embracing the constant evolution of the English language, but more because the spectre of cyber crime is now a daily occurrence in countries around the world. And the number of attacks is only going up. Experts predict damages related to cyber crime will cost the world a staggering $6 trillion annually by 2021.
We are the No. 1 Insurance Broker
We are the No. 1 Insurance Broker
FINANCE / RISK / CYBER CRIME by Richard Claassens
FINANCE / RISK / CYBER CRIME by Richard Claassens
What is Cyber Crime
Interpol defines pure cybercrime as “crimes against computers and information systems, where the aim is to gain unauthorised access to a device, or deny access to a legitimate user.” Cyber criminals use computers, mobile phones and other internet-connected devices to access confidential business, personal or government information, often with the intention of either selling this information online, or holding to ransom the individual or organisation concerned.
What is Cyber Crime
Interpol defines pure cybercrime as “crimes against computers and information systems, where the aim is to gain unauthorised access to a device, or deny access to a legitimate user.” Cyber criminals use computers, mobile phones and other internet-connected devices to access confidential business, personal or government information, often with the intention of either selling this information online, or holding to ransom the individual or organisation concerned.
Which South African Businesses Are The Most Vulnerable?
Statistics show medium and large businesses are more likely to fall victim to cyber attacks than small enterprises. Those in the finance, communication, retail, construction, manufacturing and information sectors are more vulnerable to attack than others, purely because of the vast amount of customer information they hold.
However, the very omnipresence of the Internet means any business, with any kind of online presence, is a potential target.
The problem with many businesses in South Africa is that they have a “it won’t happen to me” mentality. We read about breaches at industry giants such as Facebook, Amazon and British Airways, and think that because we aren’t as big, we aren’t a target. Nothing could be further from the truth.
Another problem is that many companies identify as “offline.” They assume that because they don’t fall into the eCommerce sector, they’re not at risk and don’t need protection from cybercriminals. Yet almost every single business uses some kind of digital communication or service. Online banking and staff email addresses are two of the most common.
Which South African Businesses Are The Most Vulnerable?
Statistics show medium and large businesses are more likely to fall victim to cyber attacks than small enterprises. Those in the finance, communication, retail, construction, manufacturing and information sectors are more vulnerable to attack than others, purely because of the vast amount of customer information they hold.
However, the very omnipresence of the Internet means any business, with any kind of online presence, is a potential target.
The problem with many businesses in South Africa is that they have a “it won’t happen to me” mentality. We read about breaches at industry giants such as Facebook, Amazon and British Airways, and think that because we aren’t as big, we aren’t a target. Nothing could be further from the truth.
Another problem is that many companies identify as “offline.” They assume that because they don’t fall into the eCommerce sector, they’re not at risk and don’t need protection from cybercriminals. Yet almost every single business uses some kind of digital communication or service. Online banking and staff email addresses are two of the most common.
What Can You Do To Protect Yourself?
As much as you may have strong Internet security in place, the risk of cybercrime is always there. In the same way that you drive safely but still have car insurance, you must have insurance against cyber crime even if you’ve already done everything you can to prevent the possibility of it happening.
Many companies assume their business insurance policy covers cybercrime, but most don’t. It is most often specialist cover that needs to be taken out separately.
1st Insurance Brokers
At 1st Insurance Brokers, we have a range of cyber liability policies to protect you against the potentially catastrophic fallout from a cyber attack on your company. Talk to us about arranging cover for:
What Can You Do To Protect Yourself?
As much as you may have strong Internet security in place, the risk of cybercrime is always there. In the same way that you drive safely but still have car insurance, you must have insurance against cyber crime even if you’ve already done everything you can to prevent the possibility of it happening.
Many companies assume their business insurance policy covers cybercrime, but most don’t. It is most often specialist cover that needs to be taken out separately.
1st Insurance Brokers
At 1st Insurance Brokers, we have a range of cyber liability policies to protect you against the potentially catastrophic fallout from a cyber attack on your company. Talk to us about arranging cover for:
Disclaimer: We work with a carefully selected panel of motor vehicle insurance providers and, once you have qualified and accepted our terms, we will introduce you to them to look after your motor vehicle insurance needs. Our service is 100% free to use and you are under no obligation to accept any of the quotes or product offers that you receive. Motor vehicle insurance is subject to terms, conditions and acceptance.
Yocal does not administer insurance products. You may be referred to our approved providers if we feel that this is appropriate and the best advice in your situation. Yocal may be paid a referral fee for introducing you to one of our approved providers.
Disclaimer: We work with a carefully selected panel of motor vehicle insurance providers and, once you have qualified and accepted our terms, we will introduce you to them to look after your motor vehicle insurance needs. Our service is 100% free to use and you are under no obligation to accept any of the quotes or product offers that you receive. Motor vehicle insurance is subject to terms, conditions and acceptance.
Yocal does not administer insurance products. You may be referred to our approved providers if we feel that this is appropriate and the best advice in your situation. Yocal may be paid a referral fee for introducing you to one of our approved providers.
IMPORTANT - South Africa has not escaped this frightening phenomenon. In fact, the South African Banking Risk Information Centre (SABRIC) reports that we currently have the third highest number of cyberattack victims globally, and our businesses lose a collective R2.2 billion every year to this insidious crime.
IMPORTANT - South Africa has not escaped this frightening phenomenon. In fact, the South African Banking Risk Information Centre (SABRIC) reports that we currently have the third highest number of cyberattack victims globally, and our businesses lose a collective R2.2 billion every year to this insidious crime.
Common Examples of Cyber Crime Include:
Unlike the movies, cyber criminals aren’t only computer geeks with freakish hacking abilities. Many instances of cybercrime are committed by disgruntled employees who steal confidential information simply out of spite.
Common Examples of Cyber Crime Include:
Unlike the movies, cyber criminals aren’t only computer geeks with freakish hacking abilities. Many instances of cybercrime are committed by disgruntled employees who steal confidential information simply out of spite.
South African Businesses Lose R2.2 Billion Every Year!
South African Businesses Lose R2.2 Billion Every Year!