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New cyber security insurance product

Livewired PR recently announced its new partnership with global insurance company, AIG. Selected by the brand for its expertise in crisis communications, the PR company will play an integral role in the launch of AIG’s innovative new product, CyberEdge.

CyberEdge provides companies with insurance against the theft of electronic information, ensuring that they are equipped with forensic and legal services, as well as crisis communication which will be handled by Livewired’s team of experts. “Between the various members of our team, we have a vast amount of experience and knowledge in the area of crisis communications,” says MD of Livewired PR, Lucinda Boddy. “This is further complemented by our highly structured system which involves comprehensive step-by-step documentation in crisis management.”

With cybercrime on the rise, the need for an insurance product such as CyberEdge is becoming increasingly important. The 2012 Norton Cybercrime Report revealed some concerning statistics. Every second, 18 adults become a victim of cybercrime and in South Africa alone the direct cost associated with cybercrimes committed over the past twelve months totalled R3,7 billion. It is estimated that 556 million adults across the world have experienced cybercrime during the past year, with at least 2,39 million of those being South Africans. Statistically that means that 46% of online adults will fall victim to some form of cybercrime.

The first of its kind on the South African market, CyberEdge is expected to perform well, following its success overseas. “Previously in the South African context, products like this were not needed, but with the likelihood that the Protection of Personal Information (POPI) Act will soon come into play, companies are going to require a far greater degree of protection against loss of electronic information,” maintains Boddy.

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