Online crime is a fact of life and no organisation is immune to a data breach; it’s not so much if, as when it will happen. The threat level has never been higher for any organisation. When the Director of the FBI calls the Internet, “the most dangerous parking lot imaginable,” it’s clear that as our world has become increasingly digital – so too has organised crime. With this as the backdrop, and committed to developing resources that enhance the broker experience, Camargue has added a fourth module – Cyber Risks – to its progressively more robust eLearning platform.
Camargue managing director Mitch Marescia says innovation is a big driver for the Group and developing products that are supported with training that is equally relevant, ensures it can meet the needs of the broker and its clients. “Cybercrime has been ranked a threat to national security, above terrorism and espionage, and with more than 358 million identities exposed in 2014 alone and around 594 million consumers affected by cybercrime worldwide – this business risk is snowballing in complexity and gravity.”
Adding to this Marescia says that virtually all industries are being targeted – from legal and accounting to architectural and engineering firms. Moving on from credit cards, cybercriminals are breaching data and committing cyber blackmail – holding data hostage while attempting to extort money from companies trying to avoid the loss of data, IP and reputation.
“Organisations and their C-suites are being held accountable for implementing responsible countermeasures to help protect the business; cyber security best practices. This includes risk mitigation liability insurance, as well as developing a response strategy in case of a breach. Failure to do so is negligent and considered a failure to uphold fiduciary duties,” says Marescia. “Brokers are obliged to educate their clients on the real threat of cyber-attacks and the risk management solutions available but to do so – they must have a handle on the complexities of the cover.”
The eLab course is aimed at addressing cybercrime and the various insuring agreements and scenarios on which the Cyber Risks policy would respond. For brokers to successfully complete the course they must be able to identify risks pertaining to the use of technology in the business; describe the direct effect on loss of income due to e-risk infringements; describe the e-risks policy; list the exclusions of the policy and apply the policy in an actual scenario.
While the training is not voice-over narrated, it does contain several multimedia video files with sound. A minimum Google Chrome operating system is required to participate in Camargue’s eLearning.
Accessible online, anytime, on any device, the flexibility of Camargue’s digital learning offering is at the crux of its success. By making the courses available online, the Group is considerably expanding its reach with no geographic area excluded; Insurance Institute of South Africa (“IISA”) member brokers in South Africa and on the continent, actually anywhere in the world, can benefit from the eLearning programme. Brokers also have complete control over their own learning process. Users are given their own user name and password and they are able to log out of a training session at any time, and resume at their own convenience.
Small businesses are reported to be the largest growth area for cyber-attacks, as they are less prepared to handle cyber risks. Marescia says that this presents a new business stream for brokers. That said many organisations – including large corporates – still have not taken the actions needed to protect their data, despite knowing the consequences of being targeted in a data breach. Marescia says that there is still a pervasive “it won’t happen to us” mind set.
The content and assessments of the new Cyber Risks course have been approved by the IISA for CPD hours (with the exact number to be finalised). Brokers must secure a score of 80% to pass. The CPD hours secured for Camargue’s eLearning courses are added to those already obtained at Camargue workshops. Three CPD hours are awarded for the EPL module, while the D&O module offers five and the Commercial Crime module offers three CPD nominal hours.
Commercial Crime, D&O and EPL were the first three modules to be taken online. To date, just under 1 000 brokers have signed up for training across these modules, with an average pass rate of 93% on the Commercial Crime module, 88% on D&O and 89% on the EPL course.
As with all Liability Academy for Brokers (“LAB”) training is presented at Camargue House, at brokerages, and on national roadshows – Camargue’s eLearning modules are free and fully sponsored by Camargue.
Not only did the number of breaches increase in 2015, but equally concerning is the expanded scope and impact of breaches and exploits. The latest findings from the Online Trust Alliance (“OTA”) indicate that by the third quarter of 2015, data breaches had increased 29%. “By spreading the power of knowledge – a Camargue philosophy that we live by – we are changing the face of the industry and raising the bar when it comes to proficiency and professionalism,” adds Marescia.
“With an estimated 1.5 million annual cyber-attacks, online crime is a threat to anyone on the Internet. Based on that figure – there are over 4 000 cyber-attacks every day, 170 attacks every hour, or nearly three attacks every minute. The potential exposure for monetary damages is massive, threatens a company’s financial resources and its reputation can be called into question. All this needs to be managed with the support of risk management partners,” concludes Marescia.
Human resources and skills development teams within large broker groups can add Camargue’s eLearning into their annual training schedules and bulk registrations cater for management of this in-house – all in close consultation with Camargue.
To register brokers should visit www.camargueum.co.za and click on the Training tab. Online and telephonic support is available to ensure ease of navigation.
Camargue is an underwriter of niche insurance products and a provider of risk management solutions to a broad spectrum of industries in Southern Africa. Camargue’s unique M3 approach focuses on managing, mitigating and migrating critical business risks.