The World Economic Forum’s (WEF’s) Global Risks Report 2019 highlights technological instability as a risk. Massive data fraud and theft ranked as the number-four global risk (over a ten-year horizon) and cyber attacks ranked at number five.
The South African Banking Risk Information Centre (SABRIC) states that South Africa currently has the third-highest number of cybercrime victims worldwide. Cyber attacks caused an estimated annual R2.2-billion in losses in South Africa.
“One can easily visualise a person physically breaking into our home or business and we therefore acknowledge the need for locks on doors and alarm systems to detect and deter intruders. However, this is not the case with cyber risks, which are invisible and intangible. Negotiating the road to complete cybersecurity can be frustrating and expensive, so it’s important to align oneself with a service provider that offers a comprehensive end-to-end solution,” says Simon Campbell-Young, CEO of My CyberCare.
He points out that My CyberCare is a specialist provider of personal, and SMME online cyber insurance, cyber detection and cyber monitoring solutions for both local and global consumption and use. “Cyber attacks are an evolving danger, designed to access or destroy sensitive data or extort money. We understand how this can affect people’s lives and we have designed a portfolio of solutions that help users to minimise their risk.
“In a nutshell the My CyberCare is a digital security and online loss of funds insurance bundle solution. It is easily embedded and has been created specifically for consumers and SMMEs. Our solution is multi-tiered and multi-faceted, creating a full protection suite that is scalable for financial institutions, service providers, insurers, telecommunication companies and their respective staff or customers. We also offer it as a Value Added Service (VAS) for organisations seeking non-insured implementation.”
There is a focus on creating value-add for consumers and this is achieved by bundling critical cyber protection components into one digital insurance suite. These include:
1. Cyber defence and detection, on the front end.
2. Cyber education, plus online and dark web monitoring in the middle layer.
3. An insurance or VAS ‘wrapper’ binding the solution together, on the back end.
The security software on the front end is McAfee Total Protection, the middle layer is MyCyberDNA Digital Monitoring, and My CyberCare Loss of Insurance comprises the back end for an extra level of assurance and security.
The monitoring tool implemented by My CyberCare is a live 24/7/365 service running across the web, dark web and chat rooms. It searches for fraudulent input of consumer/company data such as emails, credit cards, mobile numbers and identity documents. “The system also educates and interacts directly with the user, creating clever gamification and intuitive online behaviour assistance. This has resulted in extremely positive feedback from financial institutions,” says Campbell-Young.
“We have also recently launched the solution as an unregulated VAP (Value Added Product). As a result, some of the forward-thinking personal line insurers are looking to embed our solution with existing or new personal line policy holders. You simply cannot afford to not ensure your online assets are protected,” says Campbell-Young.
For more information contact MyCybercare,
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