Local insurance firm King Price has launched a new product that will cover local firms in the event of a cyberattack.

The product is known as Cybersure, and it includes cover for cyber liability and cybercrime, data breach expenses, damage to computer systems and data, associated loss of income, and more.

“Cyber attacks can be devastating from both a financial and reputational point of view, and it’s clear that cybercrime has become a major threat to South African businesses. Having cyber insurance is non-negotiable,” says King Price spokesperson Wynand van Vuuren.

At the moment the product is only available to businesses, but King Price says it will be launching a personal cyber insurance product in 2018.

Cybersure customers will be covered for a variety of cyber attacks, including ransomware. King Price says that in the event of a ransomware attack it will pay the ransomware if that is what is needed.

On first impressions it seems like a rather solid product, but we’d urge you to contact King Price or visit the website to get more information about Cybersure to see if it’s right for you.