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Phishield launches Cyber Protect Personal to help safeguard South Africans

14 June 2022 Phishield / Bryte Insurance Company Limited

• Fit-for-purpose cyber risk cover designed for everyday South Africans
• Product suite to offer added peace of mind when using digital technologies

Hyperconnectivity is edging the world towards Swiss efficiency, but it is not without its challenges. As customers’ digital footprints increase, so too does the level and complexity of risks associated with technology,” said Sarel Lamprecht, MD at Phishield – a short-term insurance business specialising in niche risk management products. Responding to these complexities, Bryte’s UMA partner, Phishield, has launched its Cyber Protect Personal product aimed at every day South Africans.

This product offers end-to-end support services to customers who may be affected by the rapidly growing number of cybersecurity exposures associated with:

• Online shopping
• Internet/mobile banking
• Data breaches and identity theft
• Cyberbullying
• Cyber extortion
• Cyber liability

According to the Identity Theft Resource Center, cyberattacks affected about 188 million individuals last year, with phishing scams being the most common technique used to breach data. Appreciating the magnitude of these vulnerabilities, Phishield’s Cyber Protect Personal was informed by extensive research which encompassed an understanding of cyber breach trends, the assessment of claims data, third-party reports, etc.

Phishield prides itself on its ability to create solutions that are uncomplicated, relevant and highly responsive to the specific needs of individuals and businesses in an ever-changing cyber exposure landscape. Our goal is to help all customers significantly de-risk, enhancing their financial resilience and sustainability. We also want to entrench our position as a catalyst for end-to-end customer cyber risk insurance solutions,” added Lamprecht.

This unveiling closely follows the launch of Phishield’s Cyber Protect Business product and is aimed at bolstering the insurer’s overall value proposition for both businesses and consumers. The Cyber Protect Personal product also covers mobile software security as an optional extra – which seeks to protect valuable data on customers’ mobile phones. Customers further benefit from 24/7 access to a cybercrime emergency assistance hotline, advice on ways in which to avoid becoming a victim of cybercrime and telephonic support to help with claims submissions.

Commenting on Phishield’s product launch was Edwyn O’Neill, CEO of proactive insurance specialist, Bryte. “We are proud of Phishield’s ongoing efforts to deeply understand risk trends and present innovative solutions that help effectively secure both business and individual stability. Holistic risk management is engrained across our business as we focus on pre-empting as well as responding to evolving customer needs and market risk dynamics. We are therefore delighted to strengthen our customer value proposition through enduring partnerships with like-minded specialists,” added O’Neill.

The Cyber Protect Personal product is available to Phishield customers as a top-up to the car and household insurance or as a standalone policy and is available on most of the Bryte approved vendor platforms as of 1 June 2022. Premiums start from as little as R60 per month and depending on the policy chosen, customers can benefit from up to R100,000 worth of cover.

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We have watched with interest as each of the country’s large life insurers report their 2021 life claims statistics, with soaring claims and claims values. That got us thinking: how do the big life insurers compare against one another, from an IFA perspective?

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