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Cyber crime is rampant, increasing in frequency, voracity and taking longer to resolve, and at far greater costs than ever before. Organisations are operating in an era of unprecedented volatility combined with the rapid pace of changes in technology. This convergence has created a challenging new cyber reality for organisations regardless of size, industry or location.
Global ransomware attacks have increased by 11% over the past 12 months ending March 2017, according to Europol. Furthermore, a recent IBM Security and Ponemon Institute study found that the average cost of a data breach in South Africa is currently R32 million, a 12% increase since 2016. These significant increases highlight the growing threat of cybercrime and the importance for business of all sizes to have a cyber liability insurance policy in place to protect against financial loss.
Climate disruptions are increasing in volatility throughout the world, impacting many sectors and industries. Among one of the hardest hit is agribusiness – specifically wineries – which depend on stable soils and climatological consistency to deliver a viable product. How will raging wildfires, searing temperatures and flooding rains change the business? And how can insurers assist worried vintners and their customers?
On July 30, Venezuela held elections to vote for the members of the National Constitutional Assembly (ANC) called by President Nicolas Maduro. The move was sharply condemned by his increasing number of opponents in the country, as well as the international community.
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?