South African Insurance Trends

Image sourced from Forbes. The advancement of connectivity in light of the digital revolution has radically transformed our lives and brought unprecedented benefits to companies in the way they operate and do business. However, digitalization is a double-edged sword and comes with risks as well, among them cyber exposures. Companies are facing a number of challenges such as the prospect of more disruptive and expensive business interruptions, the increase in the frequency and cost of ransomware incidents, the consequences from larger data breaches and more robust regulation – both at home and overseas – as well as the prospect of litigation if something does go wrong. In 2021, cyber incidents ranked among top business risks in South Africa, Africa and globally in the Allianz Risk Barometer...