Rising global cybercrime amplifies need for better risk protection

The recent news of the cyber-attack that saw one of the world’s largest meat processors paying the equivalent of close to R150 million in ransom, once again serves as a harsh reminder that no business is safe from cybercrime and its potentially devastating financial impact.

This is according to Simon Colman, Business Head, Digital and Financial Lines at SHA Risk Specialists, who says that businesses need to do more to educate themselves on their cyber risks. Particularly with the Popi Act coming into effect on 1 July, prioritising risk mitigation and sufficient cyber cover is simply not optional anymore. “One of the most frightening aspects of this story, is the fact that this is the second attack of this scale on a major US company in just a few weeks. What’s more shocking, is that a recent study found that cybercriminals’ net proceeds is overtaking the revenue earned by tech giants every year.”

Given that the POPI Act comes into effect on July 1, South African companies not only face the risk of direct losses from cybercrime, but will also soon be exposed to massive regulatory fines in the event of a breach.

ENDS

About SHA Risk Specialists

SHA Risk Specialists is synonymously known as the largest niche casualty insurance provider on the African continent. All of SHA’s insurance products are underwritten exclusively by Santam. SHA offers a broad range of products on behalf of Santam Ltd including, but not limited to: Kidnap and Ransom Insurance, Broad Form Liability, Cyber Liability, Directors & Officers Liability; Accident & Health Liability, Professional Indemnity and Project PI/Construction & Single Project Liability. SHA Risk Specialists is a division of Santam Ltd. Santam Ltd is an Authorised Financial Services Provider (FSP 3416). Visit www.sha.co.za