- Mikaila Menezes
Press Release: MRB Supports Cyber Insurance Industry
MRB Data Protection Services are proud to announce a first in the cyber security protection and insurance industries. In a pioneering move, bringing together the experience of Insurance Brokers and the technical expertise of MRB, i-Too can now offer their clients the complete reassurance of comprehensive cyber insurance cover.
In an ever more connected world, a cyber insurance policy offers valuable protection. Hackers and data thieves are becoming increasingly adept at tapping into systems, stealing data and disrupting operations. The need for this protection has never been greater, as our collective reliance on technology means even a simple digital security breach can prove disastrous for any size business.
Investigation and recovery costs, lost revenue due to stalled operations, crisis communication, and even liability for client compensation are all covered by a cyber insurance policy, protecting you from the risks and legal costs of lost, stolen or corrupted data. South Africa, which now has the world's third-highest number of cybercrime victims, is rapidly being targeted by online criminals. This costs roughly R2.2 billion per year.
It is worth noting that these costs have risen exponentially in recent years: due in large part to the complexities that SMEs face. Complex supply chains with multiple vendors, processes, and software impacts the downtime when attacked. Recovering from these scenarios often requires skills and management not available to the average SME and the results can be disastrous. 60% of global SMEs going out of business within six months of a full-blown attack.
Cyber insurance from i-Too protects you against this - but also offers something more. Even once protected by insurance and passing the initial qualification steps, an SME must maintain ongoing, updated protection, implementing passwords and installing the latest patches. Failure to do so can invalidate any claims on their policy, leading to them facing all the associated costs and liabilities alone.
Recognising these challenges, MRB have worked with I-Too to develop an affordable policy for the average SME. By choosing this bespoke, integrated cyber policy, an SME can remove the barrier of qualifying for the insurance cover as well as the ongoing risk associated with compliance, reducing the risk of potential claim repudiation significantly.
MRB are a leading data protection specialist agency. We offer complete, integrated solutions tailored to the specific needs and requirements of each client. Our services are designed to provide IT managers with information that ultimately results in efficiency through automated and customised data protection solutions. MRB, through its strategic partnership with DataWarrior, offers intense and customised services providing infrastructure assessment, vulnerability studies and penetration testing.
In just one year, 230 million threat detections were made in South Africa alone. That's almost 4 threats detected per person living in South Africa.
MRB provides the cyber and data protection that you need most. Now, when choosing Cyber Insurance from i-Too, MRB can offer the level of security you need while working with your Authorised Financial Services Provider.
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