Are cyberattacks becoming the ‘second pandemic’?

Just when you thought things couldn’t get much worse than Covid-19, there’s a new pandemic threatening South African businesses – and the consequences could be just as deadly.

In the past 10 months, we’ve seen the number of cyberattacks on businesses soar as people shift to working remotely. Many employees are seeing an increase in fraudulent emails, spam and phishing attempts in their corporate email.

A pandemic and cyberattacks have much in common. They’re unfolding on a global scale, they can strike anywhere without warning, they spread easily, and they have the potential to do immense damage to your business.

One click on a malicious link can spell disaster. Both the financial and reputational costs of an attack or breach can be crippling for an SMME, particularly with POPIA now coming online. Data from the IBM annual Cost of a Data Breach Report shows that breaches have cost local companies an average of R40.2 million each.

After an attack, it can be difficult, if not impossible, for a business to recover without the correct solutions in place. That’s why combining a proactive security approach with a strong cyber insurance policy is essential for any business to guard against the potential cost of restoring productivity and reputation.

Proactive security measures include implementing firewalls, appropriate security software, malware scanning and continuous employee training on the basics of security.

While a cyber insurance policy can’t prevent your company from being attacked, it is an important way to protect businesses from the after-effects of a breach.

Last year, Vox and King Price launched the country’s first cyber protection solution aimed at SMMEs, which includes both cyber threat mitigation and insurance cover. The solution prioritises the identification of vulnerabilities in existing systems and infrastructure, while simultaneously providing robust financial protection.

Our cybersure product includes cover for financial loss, disruption and reputational damage that result from cyberattacks; cover for software and data; liability arising from the misuse of, and third party attacks on, IT infrastructure; as well as cover for data breach expenses, extra costs, and loss of income, as a result of insured incidents.

The cyber-pandemic is here. Make sure you ‘vaccinate’ against it.