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ITOO SPECIAL RISKS PARTNERS WITH ARMATA CYBER SECURITY TO PROVIDE CYBER INSURANCE
iTOO Special Risks , a 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 protection against evolving cyber threats 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 .
The joint strategic partnership enables iTOO to combine its innovative 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 .
“ 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 ,” says 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 , shared similar sentiments , stating , “ We are thrilled about this mutually beneficial partnership , and we ’ re excited about the synergy between our managed cyber security services and iTOO ’ s
Caesar Tonkin , Security Head , Armata Cyber 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 .”
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 .
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 .
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 . •
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