SA businesses reluctant to insure against cyber-attacks, despite past incidents
South African companies have suffered several cyber-crime incidents over the past few years, yet local businesses are still reluctant to insure against this risk.
Roy Wright, Head of Risk Solutions at leading financial advisory group GTC, believes there are two primary reasons for this: “Many businesses are aware of cyber-crime, but they – especially small and medium enterprises (SMEs) – erroneously believe their organisations will not be targeted.
There is a perception that this risk is more prominent in large businesses or those operating within developed markets, whilst other companies tend to believe their IT security systems are sufficiently robust to either prevent or recover easily from an attack, and therefore do not see the need for specific cyber insurance,” he says.
“Both these arguments are flawed, especially when one considers the number of cyber-crime incidents that have occurred in South Africa recently.”
During October 2017…
