What Is Cyber Crime?
Cyber Crime is the term used when a person or company has their computers, networks and IT Infrastructure breached or has their computers and or networks used for criminal activity.
In the information age technology has become an indispensable tool that has not only become a part of everyone’s daily lives, but also the key driver in business moving forward, making it a necessity.
The good news is that the correct cover for all the risk associated with cyber crime has been developed. This cover ensures that clients can have the same protection and peace of mind as they do with more familiar forms of insurance cover, so that they can focus on growing their businesses in safety.
The South African Banking Risk Information Centre has shown that South Africans lose in excess of R2.2bn to internet fraud and phishing attacks annually.
This statistic should cause everyone to stand up and take notice
Typical impacts from Cyber Crime include the following:
- System downtime or unavailability
- Data Loss
- Revenue Loss
- Loss of Competitive Advantage
- Litigation as a result of compromised data
- Reputational damages and the costs of mitigating further impacts as a result of a breach or series of breaches
- Regulatory and Industry related penalties