With the onset of the Protection of Personal Information (POPI) Bill, which looks set to be enacted in 2013, as well as the increasing reliance of companies on digital data, businesses can no longer afford to be complacent about the potential effects of a data breach or loss.
While certain security measures, such as firewalls and access control, have long been on the list of corporate essentials, most have given to consideration to worst-case scenarios.
Dealing with those worst-case scenarios on a daily basis was the main reason that cyber forensic investigation experts Cyanre saw the value in partnering with international insurance giant AIG in South Africa on its CyberEdge product, launched last year.
The partnership will allow all of AIG’s CyberEdge customers access to Cyanre’s specialised services in the event of a data breach or loss, offering digital forensic investigations, IT risk management, data recovery and electronic discovery to all policyholders. This not only ensures that are risks mitigated, but that a company can be back up and running fast should the worst happen.
“An evaluation performed by an objective, neutral party leads to a clear and credible picture of what’s at stake,” says Cyanre’s MD, Danny Myburgh.
“The true value of this approach is only evident in the worst-case scenario, however. Should a company suffer from the losses caused by a data breach, contingency plans and effective preparation can mean the difference between complete operational paralysis and a minor inconvenience. Our role as a service provider in this partnership with AIG offers these benefits to CyberEdge customers.”
He adds that there are some basic guidelines to preventing a breach, and to ensuring that business can continue should the worst happen, and that the establishment of a comprehensive pre-breach response plan is essential to enabling decisive action and preventing operational paralysis when a data breach occurs.
The company will assist CyberEdge customers through this process, offering peace of mind that all of the bases are covered.
“The dramatic increase in the number of cyber crimes and the increased criminal activities of syndicates in cyberspace have made this type of insurance essential. Information security has become even more vital than physical security, as illegal access to information, technology failures and other data compromises increasingly threaten a company’s ability to conduct business.
“In order to avoid the consequences of an event of this type, not only is risk mitigation key, but so is putting a strategy in place to effect corrective measures. AIG South Africa’s partnership us makes the entire process simpler by offering all the necessary components to recover from a data disaster in one convenient package,” Myburgh concludes.