As technology becomes more woven into our lives, businesses need to be cautious about the hidden dangers that come with it. While some business owners may believe that cyber risks only affect online trading or websites, any business using online banking, payments, emails, or invoices are at risk too.

The recent pandemic forced businesses to rely more on remote work, which had its advantages, but also brought new risks for how we protect our information. Cyber threats are a global issue, and governments worldwide have created laws to strengthen the fight against them, no matter where they occur.

For business leaders, it’s crucial to understand our responsibilities and the laws concerning cyber risk exposure. It is crucial to protect customers’ and partners’ information, along with employees’ details and vital data against potential cyber-attacks.

Cybercrime encompasses a range of tactics, including hacking, phishing, viruses, and ransomware, which can bypass security measures, steal information or money, and bring down operating systems. Email intrusion and phishing are particularly common, and even one’s own employees’ can inadvertently undermine the system.

Cybercrime may seem different to traditional theft, but it operates on the same principles. Instead of physically breaking into a business, cybercriminals use sophisticated methods to bypass digital security measures and access electronic information. To keep our businesses safe, we need to be on guard, update our protection regularly, and learn about the latest cyber risks and protective measures to prevent potentially devastating consequences.

It is essential for businesses to understand and prepare for cyber risks, even if they believe the likelihood of an attack is low. We recommend the following measures:

1. Learn about cyber risks:

Educate yourself and your staff on what cyber risk entails and the potential consequences.

2. Protect your computers:

Implement cost-effective measures to secure your system, including training materials and effective information.

3. Check for weak spots:

Conduct a vulnerability test to identify weak points in your system defences.

4. Keep checking your computers:

Consider an annual cyber health test to ensure your system remains secure.

5. Get insurance:

Policy coverage and premiums on a cyber insurance policy can be designed to support every business’s unique risks and budget. It will cost a fraction of the amount that a company could spend recovering from a cyberattack. If you are able to fund smaller losses and are only concerned about catastrophe losses, consider a larger deductible to reduce your premium.

6. Show you’re safe:

Be aware that insurers typically require evidence of reasonable security measures before providing coverage.

The following are essential reading material for any business owner concerned about cyber risks:

1. Cybercrimes and Cybersecurity Act (Act 19 of 2017) – Regulates and criminalises cybercrimes and establishes measures to prevent and combat cyber threats.
2. Protection of Personal Information Act (POPIA) (Act 4 of 2013) – Regulates the processing, storage, and dissemination of personal information and imposes obligations on responsible parties to ensure the security of personal information.
3. Electronic Communications and Transactions Act (ECTA) (Act 25 of 2002) – Provides for the legal recognition of electronic communications and transactions and regulates the use of electronic signatures.
4. Consumer Protection Act (CPA) (Act 68 of 2008) – Protects consumer rights and interests, including privacy and data protection.
5. Promotion of Access to Information Act (PAIA) (Act 2 of 2000) – Promotes transparency and accountability by providing access to information held by public and private bodies.

Managing cyber risk is a complex and ever-growing challenge that requires diligent attention from business owners and management. Business owners and managers need to be alert and ready to protect not only their profits but also their employees’, partners, clients, and the community.

Need help? Indwe Risk Services is here for you. Our experts are ready to guide you and keep your business safe from cyber dangers. Together, we’ll determine the best way to manage and mitigate the potential cyber risk in your organisation.