Intact Software Distribution has introduced MyCybercare, a cyber insurance solution underwritten by Genric in Africa, to the local market.
The solution will be available to Intact partners and customers, including corporate businesses, resellers, retailers, ISPs, banks, online stores and brokers. Intact is also making My CyberCare available online via the My CyberCare URL, plus partner "white label" stores.
Simon Campbell-Young, CEO of Intact Software Distribution, says My CyberCare provides cover in the event of financial losses incurred due to online cyber fraud, including a ransomware insurance add-on.
He says cyber criminals are well-funded, and have the most technologically advanced encryption and tools at their fingertips. This, coupled with the increased sophistication and complexity of attacks, makes defending against today's threats a complicated and expensive exercise for organisations.
Although many security tools and solutions are available, they are not enough to defend and mitigate these attacks, and cyber crime poses a major threat to businesses around the world, he adds.
"It is claimed that over $500 billion plus is lost to cyber crime annually, and that Southern Africa alone ranks third in the world for the number of hacked devices," Campbell-Young says.
Each year, thousands of people and businesses fall victim to cyber fraud, and have personal or company information stolen for the purposes of conducting transactions without their knowledge or consent. This can result in heavy financial and personal losses, and can be extremely costly to restore not only credit but reputation too. This is driving a need for cyber insurance, he adds.
In terms of future expansion, Campbell-Young says: "We will look to expand quickly across the globe, having recently completed a binder agreement with a large global underwriter. I encourage interested parties looking to leverage regional growth in their relevant geography to make contact with me directly."
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