Simiso Mlevu Senior writer
Cyber insurance experts have warned businesses to guard against hackers saying the global annual cost of cyber-crimes is now estimated at $400 billion. Addressing delegates at a Cyber Insurance seminar organised by FBC Reinsurance in Harare recently, CyGeist Cyber Insurance Underwriting Management Agency Director, Mr Ryan Van de Coolwijk, said global cyber-crime annual turnover was now higher than the illicit drug trade revenue.
Mr Van de Coolwijk said according to recent statistics, 974 million records were compromised in 2014.
This means that at any given second, 31 records are compromised on the cyber space.
Mr Van de Coolwijk encouraged companies to insure their information and data on the cyber space to avoid loss of revenue and potential litigation by clients.
Cyber insurance is a new cover phenomena introduced by FBC Reinsurance in March this year and is described as insurance of information or data breach, providing cover for information and network security breaches.
The cyber insurance expert said almost everyone and every sector was at risk of cyber-attack.
“With the growth of internet banking, use of plastic money, the multi-currency regime and the use of bank cards everyone is at risk.
“It is thus advisable for media organisations, banks, hotels, medical aid insurance companies, telecommunications companies and Internet service providers as well as airlines to insure their data,” he said.
Addressing the seminar, Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) Legal Services Manager Ms Revai Sweto – Mukuruba, said cyber security was important to the evolution of e-commerce.
“Cyber-attacks lead to reputational damage. They compromise the trust and confidence and a threat to e-commerce.
“Security of information and transactions online is important for the development of e-commerce globally,” she said.