Allianz Commercial South Africa, in partnership with Cox Yeats hosted a hybrid panel discussion that brought together industry experts to delve into the pressing issue of cybercrime.
The panel discussion, moderated by Mongezi Mpahlwa, partner at Cox Yeats, included Gareth Cremen, partner at Cox Yeats; Mukondeleli Masiza, Allianz Commercial South Africa complex claims handler; Santho Mohapeloa, Allianz Commercial South Africa senior cyber underwriter; and Jean Naude, independent claims loss adjuster.
The discussion drew upon key reports such as the Allianz Risk Barometer 2024, Cyber security trends 2023, the Global Risks Report 2024, the IRMSA Risk Report 2024 and other reports. These reports formed the foundation for the panellists’ analysis of the rapidly evolving landscape of cybercrime and its implications for businesses.
As the world becomes increasingly interconnected, the threat of cybercrime looms larger than ever. The panellists shed light on the emerging trends and challenges faced by companies in safeguarding their digital assets. With cyber-attacks becoming more sophisticated and frequent, organizations must stay vigilant and proactive in their approach to cybersecurity.
Cremen emphasised the importance of a comprehensive cyber risk management strategy. “Cybercrime is a pervasive and evolving threat that can have severe financial and reputational consequences for businesses. It is crucial for companies to adopt a proactive approach to cybersecurity and stay ahead of the curve.”
Masiza highlighted the role of insurance in mitigating the financial impact of cyber-attacks. She pointed to the need for tailored insurance solutions that address the unique risks faced by businesses in the digital age.
“Insurance plays a critical role in helping companies recover from cyber incidents and minimise the disruption to their operations. It is essential for organisations to partner with insurers who understand the evolving cyber landscape and can provide comprehensive coverage.”
Mohapeloa discussed the emerging cyber security trends for 2023. He called out the importance of proactive risk assessment and continuous monitoring to identify vulnerabilities and prevent potential cyber threats.
“By staying informed about the latest cyber security trends and investing in robust risk management measures, businesses can enhance their resilience against cyber-attacks.”
Naude shared insights on the claims process and the challenges faced by businesses in the aftermath of a cyber-attack. He stressed the importance of prompt and efficient claims handling to minimize the impact on businesses and facilitate their recovery.