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Cybercrime has become one of the biggest risks to business survival for South Africa’s SMME sector – but while data from the IBM annual Cost of a Data Breach Report shows that breaches have cost local companies an average of R40.2 million each, many businesses ignore the threat.

To mitigate this growing risk, ICT provider Vox and King Price Insurance have launched the country’s first cyber protection solution aimed at SMMEs.

“Most local companies are at huge risk of falling prey to cybercrime. Both the financial and reputational costs of an attack or breach can be crippling for an SMME, particularly with POPIA now coming online,” commented Jacques du Toit, the CEO of Vox. “In today’s high-threat online environment, one innocent click on a malicious link can unleash digital disaster for any business,” he noted.

Minnaar Fourie, Commercial Director at King Price, added that the new offering is ‘critical’ for local businesses, given the heightened threat levels for SMMEs and the growing cyber risks associated with employees working from home.

“After an attack, it can be difficult, if not impossible, for a business to recover without the correct solutions in place. Combining a proactive security approach with the necessary cover provided by  a   cyber insurance policy is essential for any business to guard against the potential cost of restoring productivity and reputation,” continued Fourie.

“By partnering with Vox, we can now offer our customers a highly comprehensive cyber product that includes both cyber threat mitigation and insurance cover. This partnership also strongly aligns with our strategy of mitigating risk prior to claims.”

Empowering SMMEs with one low-cost, scalable portal

Du Toit said the new offering combined market-leading expertise in technology and insurance to prioritise the identification of vulnerabilities in existing systems and infrastructure, while simultaneously providing robust financial protection and alleviating key risks.

The solution eliminates both the complexity and uncertainty that is usually associated with cyber security. Vox’s intuitive cybersecurity self-service platform begins the engagement by completing a 50-point cyber risk assessment to determine the company’s current risk profile, and the solution encompasses four key features:

• A Business Toolkit (including a cybersecurity health check, a cyber risk dashboard and ready-to-edit templates);
• Training, incorporating regular cyber awareness courses to impact culture;
• Simulated Attacks based on real-world incidents, to test, measure and fix effectiveness of the training; and
• A Reporting Dashboard, to generate clear, actionable reports and identify risk areas.

“While a cyber insurance policy can’t prevent your company from being attacked, it is an important way to protect businesses from the after-effects of a breach,” said Fourie.

 “Our cybersure product includes cover for financial loss, disruption and reputational damage that result from cyberattacks; cover for software and data; liability arising from the misuse of, and third party attacks on, IT infrastructure; as well as cover for data breach expenses, extra costs, and loss of income, as a result of insured incidents,” he concluded.