Tag: cyber insurance

The mining industry faces a precarious balancing act. Mining companies must balance economic growth and environmental responsibility. The industry supplies critical minerals for renewable energy and climate technologies. However, increased mining activity significantly harms the environment.

As the year ends, businesses face year-end fatigue and the pressures of the approaching festive season. This period, marked by heavy workloads and rushing to meet targets, creates opportunities for cybercriminals to exploit vulnerabilities. One prominent method is business email compromise (BEC), a sophisticated cybercrime targeting organisations via email system infiltration. A common BEC tactic involves altering banking details on invoices.

These are times of unprecedented change and disruption. New technological innovations and geopolitical events are just two of the major catalysts of change in the landscape of risk. In times of volatility, businesses are often faced with increased risk exposure, with opportunistic cybercriminals at the ready to exploit vulnerabilities and take advantage of loopholes.

Business interruption (BI) and cyber incidents are the primary concerns for the manufacturing sector within the automotive industry in 2024. The report, based on insights from over 3,000 risk management professionals and business leaders, highlights the growing importance of addressing these risks to ensure business continuity and safeguard against potential disruptions.

Events such as the COVID-19 pandemic and rising levels of cybercrime are encouraging insurers to revisit their policy wording to exclude certain events. Over the past three years, the world has suffered serious humanitarian and financial losses from the COVID-19 pandemic, climate change and catastrophic weather, political unrest and wars in central Africa, Europe and more recently, the Middle East.

A recent research study by global data management providers Veaam among 1,200 IT leaders concluded that it was not a question of whether organisations would be targeted by cyberattacks, but how often. Most of the attacks were designed to extract ransomware from the companies, and most companies paid up, thanks to insurance covering just this eventuality.

In previous years, insurance advisers may have been seen as the ‘middleman’. Often, they were regarded as a form of salesman, primarily selling clients insurance policies on their properties and possessions, as well as assisting them with the claims process.

We commissioned an independent, vendor-agnostic survey of 3,000 IT/cybersecurity leaders in mid-sized organisations (100-5,000 employees) across 14 countries, including 200 respondents in South Africa.

Despite current recessionary conditions and upended risk models, the global insurance industry will grow by $1.4 trillion between 2020 and 2025, according to our recent report. To capture a share of this growth and defend their place in the insurance value chain, insurers must reflect on where the industry is heading.

Entrepreneurs invest a lot of energy into getting their businesses off the ground and finding ways to differentiate themselves from their competitors. Unfortunately, due to time constraints, few put the same dedicated effort into finding the best insurance solution for their business.