iTOO Special Risks, a leading specialist insurer providing amongst others comprehensive cyber insurance solutions in South Africa, has concluded a strategic partnership with Armata Cyber Security which will allow the two parties to deliver unparalleled protection against evolving cyberthreats especially aimed at small, micro and medium enterprises (SMMEs).
The strategic partnership with Armata Cyber Security, an established cyber security services business in South Africa, enables iTOO to audit a customer’s environment from the outset and provide recommendations to reduce cyber-risks. We adopt a client-centric approach to ensure that businesses of all sizes receive the attention and support they need.
“We aim to understand the unique challenges faced by our clients and tailor our services to meet their specific cybersecurity and insurance requirements. SMMEs often lack the financial wherewithal of larger enterprises, yet they face the same threats and cybersecurity challenges,” said Justin Naylor, Managing Director at ITOO Special Risks.
“This collaboration represents a significant milestone in our mission to provide holistic and world-class cyber protection to smaller businesses at affordable prices. By combining the strengths of iTOO and Armata Cyber Security we are confident in our ability to deliver unparalleled value to our clients and safeguard their digital assets.”
Armata Cyber Security Head, Caesar Tonkin, said: “We are thrilled about this mutually beneficial partnership, and we’re excited about the synergy between our managed cyber security services and iTOO’s comprehensive cyber insurance offerings. This partnership exemplifies our shared commitment to elevating the standards of cyber protection and resilience we would offer clients. We look forward to a long and prosperous relationship with the iTOO team.”
The World Economic Forum’s Global Risks Report 2024 ranks cyberattacks fifth on its list of biggest threats facing businesses this year, behind extreme weather, AI-generated misinformation, disinformation, societal and/or political polarisation and the cost-of-living crisis.
Specifically, ransomware attacks, which have been a continual threat in recent years, are expected to continue their upward trajectory this year, with artificial intelligence and machine learning also tipped to play an increasingly important role in cyberattacks. Businesses of all sizes are thus expected to remain vulnerable to cyberattacks that are evolving both in frequency and sophistication. Smaller businesses that lack the budgets and in-house expertise of large enterprises are particularly exposed to bad actors.
Ryan van de Coolwijk, Product Head: Cyber at iTOO Special Risks, commented that the joint strategic partnership enables iTOO to combine its cutting-edge cyber insurance coverage with Armata Cyber Security’s advanced threat detection and mitigation services. This unique and integrated approach ensures a more comprehensive and resilient defence against ransomware and a similarly wide range of cyber risks.
“Our partnership enables us to provide clients with enhanced risk assessments, leveraging Armata Cyber Security’s expertise in identifying vulnerabilities and implementing proactive security measures. This tailored approach ensures that each client receives a customised solution that aligns with their unique cyber risk profile.
“In the event of a cyber incident, clients will benefit from a seamless and swift response, thanks to the collaborative efforts of both organisations. The integration of Armata Cyber Security’s incident response capabilities with iTOO’s claims expertise ensures a timely and effective resolution to minimise potential damages,” said Van de Coolwijk.
Van de Coolwijk adds that the partnership will foster a culture of continuous innovation, enabling it to stay ahead of emerging cyber threats. Through joint research and development initiatives, the organisations will work towards enhancing their products and services to address the ever-changing nature of cyber risks.
“We will jointly conduct cybersecurity workshops and webinars, providing clients with valuable insights into the latest cyber threats, best practices and risk management strategies. These events will serve as a platform for knowledge exchange and community building,” he says.
“Together, we will empower our clients with the knowledge and tools needed to navigate the evolving cyber threat landscape. This commitment to awareness and education underscores our dedication to building a resilient cyber community.”
Naylor says he is excited about the synergy between Armata Cyber Security’s managed cyber security services and iTOO’s comprehensive cyber insurance offerings. This partnership, he says, exemplifies the two organisations’ shared commitment to elevating the standards of cyber protection and resilience.
“This partnership reinforces the joint dedication to staying at the forefront of the cyber insurance industry and offering innovative solutions to address the evolving cyber threats facing businesses today,” he concludes.
