Experts Highlight Challenges Of Cyber Crime At Hybrid Panel Discussion

Allianz Commercial South Africa, in partnership with Cox Yeats hosted a hybrid panel discussion on September 4, 2024. The event which held at Cox Yeats’ office in Sandton, brought together industry experts to discuss the pressing issue of Cyber Crime.

The panel discussion, moderated by Mongezi Mpahlwa, Partner at Cox Yeats, featured a distinguished lineup of panellists including  Gareth Cremen, Partner at Cox Yeats; Mukondeleli Maida, Allianz Commercial South Africa Complex Claims Handler; Santho Mohapeloa, Allianz Commercial South Africa Senior Cyber Underwriter; and  Jean Naude, Independent Claims Loss Adjuster. The event attracted a diverse audience comprising brokers, clients, and other stakeholders, both physically and virtually.

The insightful discussion drew upon key reports such as the  Allianz Risk Barometer 2024, Cyber Security Trends 2023, the Global Risks Report 2024, the IRMSA Risk Report 2024, and other reports. These reports formed the foundation for the panellists’ analysis of the rapidly evolving landscape of Cyber Crime and its implications for businesses.

As the world becomes increasingly interconnected, the threat of Cyber Crime looms larger than ever. The panellists shed light on the emerging trends and challenges faced by companies in safeguarding their digital assets. With cyber-attacks becoming more sophisticated and frequent, organizations must stay vigilant and proactive in their approach to cybersecurity.

Gareth Cremen, Partner at Cox Yeats, emphasized the importance of a comprehensive cyber risk management strategy.

He stated, “Cyber Crime is a pervasive and evolving threat that can have severe financial and reputational consequences for businesses. It is crucial for companies to adopt a proactive approach to cybersecurity and stay ahead of the curve.”

Mukondeleli Masiza, Allianz Commercial South Africa Complex Claims Handler, highlighted the role of insurance in mitigating the financial impact of cyber-attacks.

She emphasized the need for tailored insurance solutions that address the unique risks faced by businesses in the digital age.

“Insurance plays a critical role in helping companies recover from cyber incidents and minimize the disruption to their operations. It is essential for organizations to partner with insurers who understand the evolving cyber landscape and can provide comprehensive coverage,” Masiza said.

Santho Mohapeloa, Allianz Commercial South Africa Senior Cyber Underwriter, discussed the emerging cyber security trends for 2023.

He emphasized the importance of proactive risk assessment and continuous monitoring to identify vulnerabilities and prevent potential cyber threats.

“By staying informed about the latest cyber security trends and investing in robust risk management measures, businesses can enhance their resilience against cyber-attacks,” Mohapeloa explained.

Jean Naude, Independent Claims Loss Adjuster, shared insights on the claims process and the challenges faced by businesses in the aftermath of a cyber-attack. He stressed the importance of prompt and efficient claims handling to minimize the impact on businesses and facilitate their recovery.

The panel discussion organized by Allianz Commercial South Africa and Cox Yeats provided a valuable platform for industry stakeholders to gain insights into the evolving landscape of Cyber Crime. The event underscored the need for collaboration and proactive risk management to navigate the complex challenges posed by cyber threats.

Allianz Commercial is the center of expertise and global line of Allianz Group for insuring mid-sized businesses, large enterprises and specialist risks. Among our customers are the world’s largest consumer brands, financial institutions and industry players, the global aviation and shipping industry as well as family-owned and medium enterprises which are the backbone of the economy.

We also cover unique risks such as offshore wind parks, infrastructure projects or Hollywood film productions. Powered by the employees, financial strength, and network of the world’s #1 insurance brand, as ranked by Interbrand, we work together to help our customers prepare for what’s ahead: They trust us to provide a wide range of traditional and alternative risk transfer solutions, outstanding risk consulting and Multinational services, as well as seamless claims handling.

The trade name Allianz Commercial brings together the large corporate insurance business of Allianz Global Corporate & Specialty (AGCS) and the commercial insurance business of national Allianz Property & Casualty entities serving mid-sized companies. We are present in over 200 countries and territories either through our own teams or the Allianz Group network and partners. In 2023, the integrated business of Allianz Commercial generated more than €18 billion gross premium globally