South African insurtech startup PolicyLedge has launched its cyber protection product to market, addressing the rising levels of cyber attacks as local businesses go increasingly digital.
Based in Johannesburg, PolicyLedge applies data-driven underwriting to cyber insurance.
The startup aims to provide South African companies with a cyber security solution, as well as enabling cyber insurance carriers, reinsurers, brokers and risk managers to seamlessly identify and measure the risk associated with underwriting cyber liability.
Insurers can also discover and monitor the security performance of their clients’ extended vendor ecosystem to ensure that concentration risk and third and fourth party vulnerabilities are quickly identified and addressed.
PolicyLedge first wants to target fintech and e-commerce businesses in South Africa, saying these are the companies most vulnerable to cyber attack given the user information they possess.
“We will then target companies integrating automation into their processes because the fourth industrial revolution is upon us and these new processes will be very vulnerable to cyber manipulation,” says Thato Sihlali, PolicyLedge’s head of marketing.