Pieter Nel, regional head, SADC, Sophos.
The integration of cyber insurance as part of risk management strategies is on the increase in South Africa.
That’s according to a study by cyber security solutions firm Sophos, which surveyed 311 IT and cyber security professionals in South Africa – those whose organisations have some form of cyber coverage.
The research showed that 72% of organisations made major investments in cyber defences to optimise their insurance standing, and 74% believed these investments enabled them to secure coverage.
Additionally, 68% reported obtaining more cost-effective coverage due to their enhanced defences, and 45% achieved better policy terms, such as improved coverage limits and conditions.
Pieter Nel, regional head, SADC, Sophos, said, “Cyber insurance is no longer just an optional extra, it’s a critical component of comprehensive risk management strategies, providing a financial safety net and helping to mitigate the impacts of cyber incidents.
“Our findings show a strong correlation between the quality of organisations’ cyber defences and their ability to secure favourable insurance terms. A significant 98% of respondents improved their…
