INTELLIGENT BRANDS // Enterprise Security
Simon Campbell-Young, CEO of Intact
Software Distribution
Intact launches MyCybercare
Insurance to Africa and beyond
T
he common maxim today is that
there are two kinds of companies:
those who have been breached,
and those who have been breached,
but don’t know it yet. Either way, there
is little doubt that cybercrime poses a
major threat, and is a serious challenge
to businesses of all types and sizes
around the world.
This is one reason that has led Intact
Software Distribution to introduce
MyCybercare, a world first cyber
insurance product. MyCybercare,
underwritten by Generic in Africa,
is now available to Intact partners
and customers, including corporate
businesses, resellers, retailers, ISPs,
banks, online stores and brokers. Intact
is also making MyCybercare available
online via the MyCybercare URL, plus
partner ‘white label’ stores.
MyCybercare offers a financial
protection solution that gives cover for
financial losses incurred due to online
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cyber fraud. “In addition, due to the
surge in ransomware we’ve seen lately,
a further key component has been
launched – a ransomware insurance
add-on to the current offering,” says
Simon Campbell-Young, CEO of Intact
Software Distribution.
“Cybercriminals are well funded, and
technically advanced. They have
the most technologically advanced
encryption and tools at their fingertips,”
he adds.
At the same time, the increased
sophistication and complexity of attacks
is making defending against today’s
threats a complicated and expensive
exercise for organisations. Despite the
fact that a plethora of security tools and
solutions are available, they are simply
not enough to defend and mitigate
these attacks.
“It is crucial that businesses keep up
with times in terms of technology when
it comes to managing cyberthreats. It
is claimed that over $500-billion plus
is lost to cybercrime annually, and that
southern Africa alone ranks third in the
world for the number of hacked devices,”
Campbell-Young says.
According to the CEO, each year
thousands of individuals and companies
fall victim to cyber fraud around the
world, meaning that criminals have
stolen either personal or company
information for the purposes of
conducting transactions without their
knowledge or consent. “Cyber fraud is a
fast-growing scourge that can result in
heavy financial and personal losses. It
can be extremely expensive to restore
not only credit but reputation as well.
This is why cyber insurance is one of
the fastest growing new pillars in the
insurance industry.”
He says breaches can disrupt the smooth
running of a business due to financial
income loss and reputational damages
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