In today’s world, turning a blind eye to cyber threats and organisational vulnerabilities can have devastating consequences. When it comes to cyber intrusions it is a matter of ‘when’ and not ‘if’ for most organisations – no matter the size. Should organisations ignore or even fail to make provisions for the consequences of a cyber, technology, or privacy breach, they are setting themselves up to be exploited.
On 11 February 2020, a day celebrated globally as “Safer Internet Day” The Equinox Leadership and Innovation Centre hosted the iTOO Cyber Conference, In CTRL: iTOO CyberCon which brought together cyber experts, insurance industry experts, cyber awareness consultants, Forensic, Public Relations and legal counsel response providers to give brokers a full understanding of the benefits of a cyber insurance policy and all it encompasses.
To set the tone, the conference kicked-off with a video of HP’s web series ‘The Wolf‘ which demonstrated how easily an organisation’s data can be compromised by simply accessing an unattended computer. The video showed how an entire healthcare chain and the careers of many were destroyed because the medical records of just one person were changed to suit the hacker’s agenda.
The threat landscape is constantly evolving, and hackers and cyber criminals are always looking for new ways to exploit company systems. It is therefore imperative for organisations to invest and make mitigating their cyber exposure their highest priority.
With the number of cyber-attacks increasing each year, companies formulate a comprehensive strategy to identify, mitigate and contain cyber incidents as quickly as possible. Cyber insurance has an important role to play, not as a replacement for security but as a risk transfer component of a security strategy. Cyber insurance provides for containment costs and assistance with damage limitation after an incident has taken place.
The PwC team, led by Junaid Amra illustrated a unique way to educate and raise awareness about cyber security through their Game of Treats – a digital game developed to simulate a cyber breach. Teams were divided into two groups – one being the hacker and the other being the hacked company which demonstrated what it would be like in a crisis situation of being hacked. The game created a realistic experience where participants were required to make quick, high impact decisions with minimal information.
Danny Myburgh from Cyanre provided a fascinating deep dive into the forensics incident response arena followed by Lisa Swaine from Webber Wentzel who spoke about the devastating consequences of a cyber breach as well as the benefits of a “Cyber Savvy Board”.
Next, Caroline and Alison from Flow Communications spoke about the importance of having PR and communications in one’s incident response toolkit, followed by Duane Nicol from Mimecast who gave us a new perspective on “Configuring the Human Firewall”.
Then, our very own Cyber Product Champion Ryan van de Coolwijk gave the audience a thorough in depth look at exactly what a cyber insurance policy covers followed by Candice Sutherland who spoke about the iTOO personal cyber insurance offering, called [MY] CYlution, which has been uniquely tailored to the South African Market to ensure you are protected in your personal capacity against perils such as identity theft, cyber bullying, theft of funds and more.
Brokers enjoyed an insightful and thought-provoking day, with face to face access to experts across each module of the cyber insurance policy and incident response team (legal, PR and Forensics) and provided guidance on resources every company should have to effectively manage and recover from a cyber incident.
If you missed it, you can tune in to our YouTube channel and watch all the presentations that were broadcast live.