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New cyber-insurance offering

With companies increasingly relying on data and robust IT systems to deliver value and profitability, it is no surprise that cybercrime now presents one of the biggest risks to business survival. Despite the fact that data breaches (now almost inevitable) cost South African companies R40,2 million per breach on average, many business leaders continue to ignore the threat. To mitigate this growing risk and even existential threat for SMMEs, Vox has partnered with King Price Insurance to provide a tailored and robust cyber protection solution – which they say is the first of its kind in South Africa.

Jacques du Toit.

“The majority of local companies are running at a huge risk of falling prey to cybercrime, and both the financial and reputational costs of an attack or breach can be crippling for an SMME, particularly with POPIA now coming online,” says Jacques du Toit, CEO, Vox. “Our new offering is designed firstly to raise awareness of the threats, and secondly to identify how and where a business is exposed. In today’s high threat online environment, one innocent click on a malicious link can unleash digital disaster for any business.”

Empowering SMMEs with one low-cost, scalable portal

Together with King Price, Vox is eliminating both the complexity and uncertainty that is usually associated with cybersecurity. The customer’s management or leadership team will gain access to Vox’s intuitive cybersecurity self-service platform and begin the engagement by completing a 50-point cyber-risk assessment to determine the company’s current risk profile.

The first-of-its-kind solution encompasses four key features:

• A Business Toolkit (including a cybersecurity health check, a cyber-risk dashboard, ready-to-edit templates and security awareness posters).

• Training, incorporating regular and engaging cyber-awareness courses to impact culture.

• Simulated attacks (based on real-world incidents) to test, measure and fix effectiveness of the training.

• A Reporting Dashboard to generate clear, actionable reports and identify risk areas.

In addition, Cybersure insures businesses against financial loss, disruption and reputational damage that result from cyberattacks. It covers software and data, and it protects against liability arising from the misuse of, and third-party attacks on, IT infrastructure. This includes data breach expenses, extra costs, and loss of income as a result of insured incidents.

“This is a very important and significant product offering, particularly given the heightened threat levels for SMMEs right now – and the growing cyber risks associated with employees working from home,” says Minnaar Fourie, commercial director at King Price. “By partnering with Vox we can now offer customers a highly comprehensive cyber product that includes both cyber threat mitigation and insurance cover. This partnership also strongly aligns with our strategy of mitigating risk prior to claims.”

By developing a solution that prioritises the identification of vulnerabilities in existing systems and infrastructure, Vox and King Price are raising awareness while simultaneously providing robust financial protection and alleviating key risks – bringing together market-leading expertise in technology and insurance.

“This offering is not only designed to insure against a massive threat for SMMEs, but it also ensures the ongoing education of leaders and employees around cyber threats,” adds Du Toit. “With two challenger brands coming together, both highly disruptive in their respective fields, Vox and King Price are providing business owners and leaders with a very accessible cyber protection offering that is designed to future-proof against emerging and existing threats.”

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