FANews
FANews
RELATED CATEGORIES

Alexander Forbes Insurance partners with SHA to offer cyber liability insurance

14 April 2015 Gari Dombo, AFI
Gari Dombo, Managing Director, Alexander Forbes.

Gari Dombo, Managing Director, Alexander Forbes.

Alexander Forbes Insurance (AFI) has partnered with SHA, specialist underwriters to promote the growth of the cyber insurance market as a means of mitigating cyber security risk.

AFI MD, Gari Dombo recognises the role that insurance companies can play in driving improvements to make cyberspace a safer place to do business.

Dombo lists the following five reasons for purchasing cyber liability insurance

1. Cybercrime is the fastest growing crime in the world.
2. Data is one of businesses greatest assets.
3. Cyber insurance covers the loss of profits associated with system downtime.
4. Social media usage is becoming increasingly popular making it crucial to be covered against defamatory claims and leaked information.
5. Privacy breach as a result of cyber-attacks such as hacking is a reality for many businesses.

Dombo urges South African business to assess their vulnerability to cyber-attacks in order to improve the management of cyber risk in business.

Quick Polls

QUESTION

How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?

ANSWER

Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now