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Phishield puts SME Cyber Risks Management at the Forefront

30 June 2021 Bryte

• Phishield’s Cyber Protect is all about simple, fit-for-purpose insurance
• Emphasis on supporting SME’s business resilience and catalysing growth

Navigating persistent and escalating risks is – seemingly – all in a day’s work for many SME businesses. But, a single exposure can wreak the greatest havoc; global estimates suggest that 43% of SMEs are victims of cyber-attacks and 60% of businesses affected do not survive even six months after an attack. Appreciating the debilitating effects of cyber risks, Bryte’s UMA partner – Phishield, has focused on developing its robust suite of bespoke risk management solutions for SMEs.

Following more than two years of prudently analysing current and emerging SME risks, Phishield’s Cyber Protect was launched. Cyber Protect aims to cover consumers and businesses against financial losses and liability arising from cyber-crime, made evident by the increase in suspected fraudulent digital transactions against companies and the expected rise in data breaches.

In an ever-changing cyber exposure landscape, we have endeavoured to create solutions that are hassle-free, flexible and highly responsive to the specific needs of individual SME businesses. With so many products being overcomplicated and several covers unnecessary, we were deliberate in ensuring our Cyber Protect range of insurance solutions is simple and fit-for-purpose. Our goal is to help SMEs significantly de-risk and act as a catalyst for our customer’s growth,” said Sarel Lamprecht, Phishield Managing Director.

Phishield’s Cyber Protect comprises end-to-end support services for SMEs, which includes much-needed emergency assistance. Emergency assistance services which includes a cyber helpline or on demand telephonic assistance with the assessment and containment to submission of a claim. The use of this service does not constitute a claim and is free and unlimited. Risk events, covers and limits of cover are clearly defined to ensure effective customer understanding, from day one. Full indemnity limit cover is provided for Business Interruption losses, Privacy & Network Security liability, Multimedia liability, Regulatory expenses and penalties, and Emergency Response costs. Additional sub-limited benefits include but are not limited to, extortion, data restoration costs and loss of funds.

As Bryte, we are thrilled to collaborate with like-minded partners such as Phishield, who continue to focus on relevant innovation. In a country like South Africa where as many as 98% of registered businesses are SMEs, we appreciate their critical role in our socio-economic stability. We are thus supportive of, and delighted with, the solutions Phishield continues to rollout to enhance SME business resilience, in sustainable ways,” added Bryte CEO, Edwyn O’Neill.

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QUESTION

The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

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Infrastructure cap is way too high
Offshore limit still needs to be raised
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