Cybercrime numbers are on the up, and South Africans are not immune to this growing threat.<\/p>\n
Some of the statistics are frightening. Banking app losses increased by more than 88% last year to an average loss of R14,253<\/strong> per transaction. Online banking losses increased by more than 44% last year to an average loss of R32,298<\/strong> per transaction and there are nine malware attacks that occur every second in South Africa.<\/p>\n \u201cThe increasing prevalence of cybercrime warrants appropriate insurance cover so that consumers have a level of peace of mind that should they be affected, they can take advantage of a safeguard,\u201d said Jonathan Lindeque, head of business and personal insurance at GIB Group which offers personal cyber insurance.<\/p>\n Cybercrimes include theft of funds resulting from hacking of a bank account (South African Android mobile phones were the second most targeted in the world for banking malware), payment cards or mobile wallet; identity theft; cyber extortion; network security liability resulting from a cyber incident on computer systems (including IoT devices) which causes harm to third party systems and data; privacy and data breaches and cyberbullying.<\/p>\n Lindeque said the growth of cyberbullying is hugely worrying. The average age of a cyberbully is aged nine and approximately 58% of victims do not tell a parent or teacher. Cyberbullying can result in anxiety, depression, low self-esteem, or feelings of worthlessness.<\/p>\n \u201cWe have included a trauma benefit for cyberbullying as a direct result of the cyberbullying, cyberstalking or the publication of harmful material. The treatment of emotional trauma by a licenced professional is often required but victims don\u2019t always have the financial resources to pay directly for therapy and it isn\u2019t always covered by medical aid,\u201d he said.<\/p>\n When children are concerned, additional unforeseen costs as a direct result of cyberbullying, cyberstalking or the publication of harmful material may burden parents or caregivers with expenses such as additional costs for school fees, school uniforms and educational material should it be established by a licensed physician or psychologist that an insured child needs to be placed in an alternate school.<\/p>\n Identity theft is also a significant issue. Someone\u2019s identity is stolen every two seconds.<\/p>\n GIB said there are several ways to protect yourself:<\/p>\n\n
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