Most people know whether they have insurance for their stuff, car accidents and theft, and liability, but do they know if they’re covered for cybercrime?
Cybercrime is real, and it’s on the increase. In South Africa, 84% of adults who’re online have already been victims of cybercrime, and a massive 74% of these have experienced cybercrime in the past year.
South Africa also ranks in the top 10 on the FBI’s cybercrime predator list, which means that there’s an increasing amount of fraud being perpetrated from South Africa, too.
“Cyber attacks can be devastating from both a financial and reputational point of view, and it’s clear that cybercrime has become a major threat to South African businesses. Having cyber insurance is non-negotiable,” says Wynand van Vuuren, spokesperson at King Price.
King Price has launched cybersure, cyber insurance for businesses which covers a business’ computer systems, software and data, and also protects businesses against liability arising from cyber attacks on these assets.
Cybersure includes cover for cyber liability and cybercrime, data breach expenses, damage to computer systems and data, associated loss of income, and more.
This will be followed by a personal cyber insurance product early in 2018.
The insurer has also developed an online game linked to competition to get South Africans thinking and talking about their cyber safety — in return for a share of R1-million in bitcoin.
“This is the largest bitcoin prize in South Africa so far,” says van Vuuren. “We’re seeing it as an investment into educating South Africans on the very real and ever-increasing need for cyber security.”
The game runs at from 8 October to 28 February 2018. Playing all three levels of the game will ensure entry into the random draw to be chosen as a finalist, and eight finalists will play a live knock-out round to determine the three final winners.