Cyber Insurance

A data breach means a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, personal data or confidential information transmitted, stored or otherwise processed on your computer systems or the computer system of a service provider.

A cyber incident is a malicious act, malware, human error, DoS attack, theft of data, having an impact on your computer system or the computer system of a service provider or a reasonable suspicion of the same.

Cyber policies generally provide a mixture of first and third party coverage although not all extensions are as important to every business. The SHA policy is structured on a modular basis so the insured can obtain a tailored solution specifically for their business.

Data Breach Response

Covering expert investigator costs, expenses for notifiying affected parties/data subjects, credit and identity theft monitoring costs, public relations expert costs, legal defence expenses in response to regulatory actions.

Restoration

Reasonable and necessary costs of restoring data and software after a data breach.

Business interruption

Payment of lost net profit as a result of interruption due to a cyber incident.

Cyber extortion

Reimbursement of ransom amounts and other costs paid to resolve a cyber extortion event.

Cyber crime

Reimbursement of funds that have been illegally taken as a result of cyber crime.

PCI-DSS

Specified costs cover and reimbursement of fines or penalties levied by a payment card brand following a breach of Payment Card Industry Data Security Standards caused by a cyber incident.

Confidentiality and privacy liability

Damages, settlements and legal defence costs arising out of claims by third parties or employees relating to confidential or personal information following a data breach.

Network security breach

Legal defence costs, damages or settlements where a third party claim is made for a data breach, theft of data or DoS attack caused by malicious act or malware emanating from the insured’s computer systems.

Media liability

Legal defence costs, damages or settlements where a third party alleges defamation, breach of copyright (including breach of title, slogan, trademark, trade name, service mark, service name, domain name), breach or interference of rights to privacy — resulting from online media activities.

SHA only transacts business via licensed insurance brokers. A proposal form is necessary and can be downloaded here on our website. See the downloads block on this page. There are two forms available, the shorter one in the downloads block would be for limited coverage (detailed on the form itself).

Note that if another insurer's proposal form is utilised it may delay the quoting process and additional information will possibly be called for by underwriters.

There aren't many risks that we don't have an appetite for and whilst we do try to find solutions for almost every exposure, the list below covers the main ones:

• In-game currencies, crypto-currency risks, reward points, air miles
• Government entities, municipalities, local authorities
• Gambling, bookmaking, adult entertainment
• Public clinics and hospitals

SHA writes cyber business for SME’s on its digital platform, Pocket Underwriter 

Larger commercial and corporate clients are underwritten separately by our team of specialists in the office. Target industries include retailers, manufacturers and distributors, hospitality risks and a wide range of professional services providers.

We can write cyber policies up to a combined limit of R100m for businesses operating within South Africa and $10m dollar based limits for SA companies who operate outside South Africa.