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Why cyber insurance should be first priority for SMEs

Around 60% of SMEs impacted suffered a financial loss of between R50 000 and R1m.

The global Cyber Exposure Index shows that South Africa is currently rated sixth-highest for exposure to cybercrime, with cyber criminals most commonly targeting businesses in the industrial and financial sectors. Additionally, a global report by the Ponemon Institute states that 61% of small businesses have experienced a cyber-attack in 2017.  

Simon Colman, executive head for digital distribution at SHA Specialist Underwriters, talks to Classic Business Breakfast with Moneyweb about the impact of cybercrime on businesses. 

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