Cyber insurance FAQ

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What in the world is cyber insurance?
King Price cybersure covers your business’ liability and property losses that happen when info that should be private becomes, well, not so private. It also covers your business’ liability for data breaches in which your customers’ info (like their credit card numbers) is exposed or stolen by a hacker.
Do I need cyber insurance?
Data is 1 of the most important assets in an organisation. Businesses are increasingly dependent on technology to operate but with this comes a threat of cybercrime, which can cause serious reputational and financial harm. It’s become non-negotiable for businesses to get specialised, comprehensive cyber insurance.
What is cybercrime?
Cybercrime is any form of criminal activity that uses computers and the Internet. Basically, it’s when a computer network or device is used to commit fraud and identity theft. It’s also referred to as computer crime, electronic crime, e-crime, netcrime and hi-tech crime, and Wikipedia includes ‘computer as target’ and ‘computer as tool’ in its definition.
Are cyber security threats real?
Yes. Worldwide, cyber threats are increasing every day in sophistication, intensity, diversity and volume.
How dangerous is cybercrime worldwide?
The World Economic Forum’s 2015 Global Risk Report ranked cybercrime the fifth-highest risk on a likelihood and impact scale. In 2016, cybercrime was the second-most reported crime internationally.
How big is the risk of cybercrime in South Africa?
According to a 2013 report, South Africa has the third highest number of cybercrime victims worldwide. PWC’s Global Economic Crime Survey of 2016 ranked cybercrime as the fourth-most reported crime in South Africa.
How do South African businesses respond to cybercrime?
Fewer than 35% of South African business have a cyber incident response plan in place, and it takes, on average 200 days for a South African business to identify an online security breach.
How serious is cybercrime in South Africa?
It’s been estimated that South Africa loses 0.14% of its GDP to cybercrime annually… That’s around R5.7 billion. Not exactly small change.
Do standard insurance policies cover cyber liability?
No. General liability and property policies cover risks that damage physical assets. The losses covered by conventional property policies don’t include intangible assets or losses caused by viruses and hackers. A standard ‘crime’ policy generally covers money, securities and tangible property but not third party property like customer data.
Does professional indemnity cover cyber risks?
No. Professional indemnity policies cover losses that are caused by a failure of the defined professional services, and may not extend to losses resulting from data and privacy breaches.
Is cyber insurance the same as tech E&O cover?
Technology errors and omissions (tech E&O) insurance specifically protects providers of technology products and services, such as computer software and hardware manufacturers, website designers, and companies that store corporate data off-site. Cybersure protects businesses against loss of revenue and data following a cybercrime.
What’s a bot?
Bots are pure evil. They’re among the most sophisticated types of online crime-ware and perform lots of automated tasks for cyber criminals.
What are Trojans and spyware?
A cyber criminal might use Trojans and spyware to access your business’ computer system and steal info.
What are phishing and pharming?
Phishing and pharming are the most common ways that cyber criminals steal stuff. Just 1 click on a bogus link can be all it takes...

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Frequently asked cybersure questions

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