RSIS launches innovative cyber insurance solution for businesses

Cybercrime is rapidly increasing in Southern Africa, with the region recording among the highest number of ransomware and business email attacks in Africa. To address this constantly evolving business risk, reinsurance broker, Reinsurance Solutions Intermediary Services (RSIS), has teamed up with cyber security firm, Fullstream Business Service (FBS), to develop a tailored cyber insurance solution for Southern African businesses, underwritten by iTOO insurance.

The new solution comprises a comprehensive insurance policy that covers a wide range of cyber-related incidents as well as necessary support to businesses in the face of cyber threats. The policy can be customised to address clients' unique risks and requirements, based on the nature of their businesses and operating environments.

Cameron Cupido, RSIS CEO, says RSIS and FBS' collective expertise in insurance and cybersecurity enables the reinsurance broker to offer a distinctive, effective response to the challenges posed by the digital landscape.

"Our offering enables businesses to safeguard their operations, protect their assets, and mitigate the financial and reputational risks associated with cyber incidents. It adopts a three-pronged approach, providing businesses with comprehensive coverage, risk assessment and support. By choosing our tailored cyber insurance solution, companies can focus their resources on growing their businesses, knowing that they have in place a robust defence against cyber threats," Cupido explains.

As RSIS understands that each business operates within its own risk landscape, the solution begins with a thorough assessment of the organisation's current cybersecurity standing, identifying potential vulnerabilities. From this, the most effective risk mitigation strategy is developed and implemented to strengthen the company's overall security framework.

In the event of a cyber incident, the policy provides clients with financial protection and support. This includes coverage for costs associated with the incident response, legal expenses, reputational damage, business interruption, and data breach notifications. In this way the solution helps businesses to mitigate the financial losses of the event and swiftly resume operations, minimising the impact on their customers, employees and stakeholders.

With cyber threats evolving on a daily basis it is a business imperative that organisations stay one step ahead of hackers and criminals. RSIS's tailored cyber insurance solution also includes continuous monitoring of clients' digital environments, ensuring that coverage and risk mitigation strategies are regularly updated to address emerging threats. This proactive approach provides peace of mind, and ensures that businesses maintain a resilient cybersecurity position.

Cupido says the solution goes beyond a mere insurance policy to offer much-needed guidance in the case of a cyberattack.

"When an organisation becomes the victim of a cybercrime, it is a serious matter that requires urgent and expert intervention. Our collaboration with FBS ensures that in the event of an incident, clients have access to a wide range of cybersecurity professionals ready to provide guidance and support at every level. This includes incident response planning, forensic analysis and remediation services, enabling businesses to navigate the complexities of a cyberattack with confidence. For organisations operating in today's high-risk digital space, this insurance solution is absolutely essential," Cupido adds.

The new cyber insurance solution is available exclusively from RSIS for existing and new business clients. Email Cameron Cupido at ccupido@reinsurance.mu for a personalised assessment of your business's cyber insurance needs.