Tag archives: Cyber-risk

Insuring cyber risks: remember its OT as well as IT

By Patrick Bracher (ZA) on March 7, 2022 Posted in Insurance

The buzz about the Internet of Things of a few years ago has died down but the cyber world and its things are becoming increasingly interconnected. When considering insuring cyber risks, insurers must remember it is not only IT (Information Technology) but also OT (Operational Technology) that needs to be evaluated. Hackers know better than … Continue reading

Cyber risks again

By Patrick Bracher (ZA) on October 11, 2021 Posted in Insurance

We have been mentioning for some time the pandemic-like risks associated with cyber events. According to a recent Airmic survey cyber rates have risen by as much as 400% for some insureds. Cyber risks are therefore said to be the most likely new risks to be financed by captives. If a systemic cyber event should … Continue reading

New York state financial regulator warns of cyber risk

By Patrick Bracher (ZA) on May 19, 2021 Posted in Insurance

In April 2021 the New York State Department of Financial Services issued a Report on the SolarWinds Cyber Espionage Attack and Institutions’ Response warning that the next great financial crisis could come from a cyberattack because with each passing day our world gets more interconnected. The report ends with the following passage: “The SolarWinds Attack … Continue reading

Cyber risk cover – the pandemic lesson

By Patrick Bracher (ZA) on July 7, 2020 Posted in Insurance

One lesson for insurers from the COVID-19 pandemic is that carefully considered wording for potentially massive losses is essential. Cyber risk can lead to such losses. Here are links to some of the articles we have written on cyber risk to remind you: Cyber risk warnings for insurers Cyber cover must be specifically provided or … Continue reading

Cyber risk during COVID-19 outbreak

By Priyanka Naidoo and Rosalind Lake (ZA) on March 17, 2020 Posted in General

A common response by businesses to the spread of COVID-19 has been to implement measures that require social distancing and remote working. To ensure business continuity, some of these measures rely on the availability of technology like VPN access, as well as the use of online platforms to hold team meetings, client calls, vendor engagement, … Continue reading

Holder of trust money is liable for paying incorrect party

By Patrick Bracher (ZA) on October 24, 2019 Posted in General

A firm of attorneys involved in a property transaction paid R1 744 599.45 into the bank account of a hacker in response to emailed instructions. It was held that the attorneys were liable to the true client to pay this amount for failing to perform their mandate in regard to the trust money with sufficient care and … Continue reading

CyRiM warns of up to $193 billion cyber risk – Insurers beware!

By Patrick Bracher (ZA) on February 6, 2019 Posted in Insurance

The Cyber Risk Management (CyRiM) Report 2019 shows that the economic damage to the world from a concerted global cyber-attack propagated by malicious email could range between $85 billion (least severe) to $193 billion (most severe). Retail at least could suffer the highest total economic loss globally ($15 billion), followed by healthcare ($10 billion) and manufacturing ($9 billion). It … Continue reading

Responses to comments on Cybercrimes and Cybersecurity Bill

By Kerri Gevers (SG) on November 20, 2017 Posted in General

The Department of Justice and Constitutional Development has published responses to the public comments received on the Cybercrimes and Cybersecurity Bill, which was tabled in parliament in February 2017. The lengthy responses are available here. See our previous post on the major changes to the original draft published for public comment in August 2015. Several … Continue reading

Cybercrimes and Cybersecurity Bill to be tabled in Parliament

By Kerri Gevers (SG) on February 1, 2017 Posted in General

A revised draft of the Cybercrimes and Cybersecurity Bill will be tabled in Parliament in the first quarter of 2017. In a statement issued on 19 January 2017, the Deputy Minister of Justice and Constitutional Development confirmed that the public comments received on the first draft of the Bill published in August 2015 were taken … Continue reading

Medical technology initiatives announced in Health Minister’s budget speech

By Nerushka Bowan and Rakhee Bhikha on June 6, 2016 Posted in General

The use of technology in the health sector is on the rise. The intersection of these two industries leads to interesting legal questions relating to digital risk, including big data analytics, data security and privacy. In his budget speech on 10 May 2016, Minister Aaron Motsoaledi discussed the following interesting medical technology initiatives being undertaken … Continue reading

Cover for cyber breaches under general liability policies

By Elsa Jordaan on April 13, 2016 Posted in Insurance

If insurers don’t want to cover cyber liability under a general liability policy they’d better check their wordings and introduce exclusions if necessary. Whether or not cyber breaches are covered under the “personal and advertising injury” section of commercial general liability policies depends on the circumstances of each case. I discuss two cases which illustrate … Continue reading

Cyber-risk loss: what should board members do?

By Christine Rodrigues on November 20, 2014 Posted in Insurance

Cyber-risk has become the most significant concern for today’s boards. How does a company protect itself and how does a board deal with it? Cyber-risk forms an important part of an organisation’s risk management concerns. Wise companies have a chief risk officer or a special committee of the board that deals with this type of … Continue reading