Objectives

The primary objective of this tender is to appoint a service provider (insurance broker) to source and manage cyber security insurance cover for the C-BRTA over a period of 24 months. The aim is to ensure the agency is adequately protected against cyber-attacks, data breaches, and related cyber incidents, thereby mitigating potential operational and reputational risks.

Scope

The scope includes:

• Provision of cyber security insurance cover tailored to the needs of the C-BRTA.
• Sourcing insurance underwriters through the insurance market.
• Administering and managing the insurance portfolio between C-BRTA and underwriters.
• Providing cover for various cyber incident impacts such as business interruption, data restoration, liability claims, regulatory penalties, and extortion costs.
• Supporting incident response, data recovery, and damage repair activities.

Technical Requirements

The technical specifications for the insurance cover include:

• Business Loss Cover:
  • Business interruption loss
  • Data restoration costs
  • Cyber extortion costs
• Liability for Third Party Claims:
  • Third party claims
  • Multimedia liability claims
  • Regulatory expenses and penalties
  • PCI Fines and penalties
• Coverage for cyber threats such as malware, ransomware, viruses, extortion demands, data breaches, DDOS attacks, and social engineering fraud.
• Support for incident response, data recovery, system repair, and reputation management.
• Specified coverage limits:
  • Business Interruption Loss: R5,000,000
  • Multimedia Liability Claims: R5,000,000
  • Regulatory Expenses and Penalties: R5,000,000
  • Third Party Claims: R5,000,000
  • Data Restoration Costs: R2,500,000
  • Cyber Extortion Costs: R2,500,000
  • PCI Fines and Penalties: R500,000
  • Funds Protect: R250,000
  • Emergency Response Costs: R5,000,000

Skills and Qualifications Requirements

The service provider must demonstrate:

• Expertise in cyber security insurance market sourcing and negotiations.
• Experience in managing cyber insurance portfolios for organizations with similar profiles.
• Ability to provide incident response support and liaise with public relations and legal teams.
• Knowledge of cyber threats, mitigation strategies, and regulatory compliance related to cyber incidents.
• Capability to advise on appropriate coverage limits and policy terms tailored to the agency’s needs.
• Proven track record in handling cyber insurance claims and risk management.