By Caesar Tonkin, Managing Director, Armata Cyber Security
Small companies, including startups – meaning companies in the first stages of their operations – constitute an important part of any economy, as they create jobs and will possibly grow into larger organisations, thereby offering even wider employment prospects.
In South Africa, according to the United Nations Conference on Trade and Development (UNCTAD), MSMEs (micro, small and medium enterprises) account for less than one-third of all formal jobs, and yet: “According to analysis of international trends by the South Africa Small Business Institute, their contribution should be around 60 to 70 per cent instead.”
And so, to maximise their job creation potential, local small businesses must be nurtured – and one of the ways to nurture them is to give them the IT support that they need to continue to grow and flourish.
New Partnership Combines Cyber Protection with Insurance
Armata Cyber Security has concluded a strategic partnership with iTOO Special Risks, a specialist insurer, to allow both parties to deliver dual protection against evolving cyber threats. The alliance is especially aimed at small, micro and medium enterprises (SMMEs), because smaller businesses lack the budgets and in-house expertise of large enterprises, and so are particularly exposed to threat actors. The partnership enables iTOO to audit a customer’s environment from the outset and provide recommendations to reduce cyber risks.
The ‘Global Risks Report 2024’ presented by the World Economic Forum (WEF) highlights the top threats facing the world over the next decade. In terms of current risks, the WEF ranks cyberattacks fifth on its list of major threats facing businesses, behind extreme weather events, AI-generated misinformation and disinformation, societal and/or political polarisation and the cost-of-living crisis.
Against this background, the Armata / iTOO collaboration represents a significant milestone in Armata’s mission to provide holistic and world-class cyber protection to smaller businesses, allowing them to safeguard their digital assets at affordable prices.
Proactive Defences with Swift Reactions
The collaboration – which combines cutting-edge cyber insurance coverage with Armata’s advanced threat detection and mitigation services – exemplifies the companies’ shared commitment to elevating the standards of cyber protection and resilience offered to clients. This integrated approach ensures a more comprehensive and resilient defence against a wide range of cyber risks, including ransomware.
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 Importance of Assisting SMMEs
Two of the most successful global technology giants, namely Amazon and Microsoft, today employ hundreds of thousands of people around the world – in the case of Amazon, offering employment to one and a half million people globally – and they both began as startups[1].
The implications are clear: small businesses must be nurtured and protected in order to survive and then thrive. In this way, job creation is facilitated, individuals’ lives are improved, communities are enabled and economies overall are uplifted.
Armata is proud to play its part in helping South African SMMEs to stay in business, and thereby fulfilling an additional role in helping to move the local economy forward.
[1] Startups are typically comprised of less than 30 employees, and are financed by outside investors, loans, and/or personal savings, including the founder’s own money, and borrowed or invested funds from family or friends.