File image: IOL

CAPE TOWN - Cybercrime is a reality and a risk that can’t be ignored. In just a couple of clicks, you can be hacked, phished, scammed, and easily seduced into opening infected attachments. 

Local insurance firm King Price has launched a new product that will cover local firms in the event of a cyberattack.

The product is known as Cybersure, and it includes cover for cyber liability and cybercrime, data breach expenses, damage to computer systems and data, associated loss of income, and ransomware. 

“Cyber attacks can be devastating from both a financial and reputational point of view, and it’s clear that cybercrime has become a major threat to South African businesses", says Wynand van Vuuren, spokesperson at King Price.

King Price says that in the event of a ransomware attack it will pay the ransomware if that is what is needed.

At the moment the product is only available to businesses, but King Price says it will be launching a personal cyber insurance product in 2018.

- BUSINESS REPORT ONLINE