Why cyber cover matters for SA tech businesses
South African tech companies handle customer data every day. Under POPIA, a breach can mean regulatory penalties, notification costs, and civil claims. Cyber insurance exists to absorb those costs so a single incident does not sink the business.
What a good cyber policy covers
- Breach response and forensic investigation
- POPIA regulator notification and legal costs
- Ransomware negotiation and (where legal) payment
- Business interruption from a cyber event
- Third-party liability from leaked customer data
What to check before signing
- Is remote work and BYOD explicitly covered?
- Is the sub-limit for ransomware realistic (R5M+ for most)?
- Are cloud-provider outages included?
- Is social-engineering fraud (invoice redirection) covered?
Typical premiums
For a 10-20 person SA tech firm, cyber cover typically starts around R850-R2,400 / month depending on turnover and data volumes.