The festive season is a time of increased financial transactions and heightened digital activity, which, unfortunately, also means a rise in cybercrime. Businesses focused on closing the year and celebrating can become prime targets for digital scams. Risk Benefit Solutions Insurance Brokers (RBS) is at the forefront of providing comprehensive cyber insurance solutions and strategies to protect South African businesses from the surge in festive fraud.
Understanding the Threat Landscape
During the festive season, cybercriminals capitalize on the relaxed vigilance of businesses and the chaos of high transaction volumes to launch phishing attacks, malware, and various scams. Understanding the threat landscape is the first step in fortifying your business against these digital threats. At RBS, we use accredited security specialists to perform security checks on your business to help close down these vulnerabilities.
Strengthening Cyber Defences
We stress the importance of a well-informed team as a critical defence against cyber threats. So, ensuring that your cyber defences are robust before the holiday rush is vital. Ensure all software has been updated your security software, test firewalls, and make sure your backups have been done and can be restored. Employees can and should be trained to recognize the signs of phishing and other scam attempts.
Implementing Strict Financial Controls
Scammers often attempt to exploit weaknesses in financial controls during busy periods. Implementing strict financial rules and ensuring they are followed without exception during the festive season is essential. Dual authorization for payments, monitoring transaction activity, and securing access to financial systems can all help prevent unauthorized transactions.
Cyber Insurance: Your Safety Net
Cyber insurance is no longer optional; it’s a necessity. This specialized insurance can cover the costs associated with a cyber breach, including legal fees, notification costs, and reputational damage control. RBS Insurance Brokers offers tailored cyber insurance policies that can be the difference between a minor setback and a catastrophic financial loss.
Regularly Update and Backup Data
Regular data backups and system updates should be part of your cyber hygiene practices. Recent backups can significantly reduce downtime and data loss in ransomware attacks or breaches. Ensure that backups are stored securely and are not connected to your primary network. Be aware that Cloud providers don’t back up your data; this is a separate service your business can request.
Response Plan for Cyber Incidents
Having a cyber incident response plan in place is crucial. This plan should outline the steps to take in the event of a breach, including who to contact, how to contain the breach and the process for communicating with stakeholders. With our offerings, you have a direct line to an IT security servicing team to help deal with any issues and recover business operations in the shortest period.
Review and Update Your Cyber Insurance Coverage
As your business grows and evolves, so should your cyber insurance coverage. RBS recommends reviewing your policy regularly, especially before high-risk periods like the festive season, to ensure that it meets your business’s needs and that you’re fully protected against new and emerging threats. It’s important to note that many insurers don’t allow changes to the policies from around mid-November to early in the new year, so make sure you implement any changes in advance to cover your business requirements over the festive season.
The festive season should be a profitable and joyous time for your business, not marred by cyber incidents’ stress and financial strain. You can protect your business from festive fraud with the right cyber insurance coverage and proactive cyber defence strategies. RBS is committed to helping you understand and mitigate your cyber risks, providing peace of mind so you can focus on what matters most during the holidays. Contact us to secure your business against digital scams this festive season.
About RBS
Risk Benefit Solutions, better known as RBS, originated as an entrepreneurial-focused services business in 1998 and today is one of the largest fully-fledged black-owned insurance brokers in South Africa and a Level One BBBEE contributor. Celebration 25 years in business this year, our growth is contributed to offering clients a unique approach to risk management by positioning our skilled resources as an extension of our client’s risk management team. Our company covers a broad spectrum of services, including Insurance Broking, Risk Management, Commercial and Corporate Risk Advisors, and Corporate Vehicle Hire Services. With its head office in Cape Town, RBS has offices in Gauteng, the Eastern Cape and globally, represented through its board membership with WING (Worldwide Insurance Network Group).