Protecting your business against a loss of funds due to third party fraud
Funds Protect Business is a focused insurance solution that covers financial losses from irrecoverable fraudulent fund transfers affecting business accounts.
The policy provides protection when funds are lost through phishing scams, payment redirection, unauthorised EFTs, or hacking incidents — and cannot be recovered by your bank or third party.
Businesses handling high-volume transactions or larger payment amounts face an increased risk of fraud-related fund loss. Funds Protect Business Plus is designed to assist companies that require higher cover limits, verified account control procedures, and accelerated claims processing to limit the financial impact of third-party fraud.
The policy responds when funds are transferred — whether by authorised or unauthorised instruction — and are irrecoverable through the business’s financial institution or payment provider.
Businesses that manage trust accounts carry not only financial responsibilities but also fiduciary obligations. Funds Protect Trust is a dedicated insurance solution designed to protect legal practitioners, property practitioners, and other custodians of trust funds from irrecoverable losses caused by cyber fraud, phishing, and unauthorised fund transfers.
The policy ensures that a digital attack or fraud event does not compromise client relationships or regulatory compliance.
Cyber Protect Business is a cyber liability insurance product designed to help small and medium-sized businesses respond to and recover from cyber emergencies. The policy includes cover for financial loss, liability exposure, and incident management support — and incorporates Funds Protect as a standard benefit.
Cover is tailored for businesses with a turnover of under R250 million, and is available at multiple limit levels depending on risk profile and sector.
Cyber Protect Corporate is a specialised cyber liability insurance solution built for large organisations with complex operations, multiple jurisdictions, or elevated risk exposure. The policy includes support for operational loss, system restoration, regulatory response, and liability cover — all backed by expert-led incident management.
The product is suitable for businesses with annual turnover above R250 million, and can be customised to accommodate industry-specific requirements, group structures, and extended compliance needs.
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| Core Protection Focus | Fraudulent EFTs & online fund transfers | High-value EFT fraud + stricter verification | EFT fraud targeting trust accounts | Cyber Emergency | Cyber Emergency |
| Type of Funds Covered | Business accounts | Business accounts | Trust accounts | Business accounts | Business accounts |
| Authorised & Unauthorised Transactions |  (Sub-Limited) | (Sub-Limited) | (Sub-Limited) | (Sub-Limited) | (Sub-Limited) |
| Cyber Extortion Protection | (Sub-Limited) | (Sub-Limited) | (Sub-Limited) | (Sub-Limited) | |
| PCI Fines and Penalties |  | | | | |
| Business Interruption Cover | | | | | |
| Regulatory Penalties & Legal Defence | | | | | |
| Emergency Response Cost | | | | | |
| Third Party Claims & Multimedia Liability | | | | | |
| Cyber Response Team Access | | | | | |
| Cover Limits Available | R50K – R250k | Above R250K up to R10M | R50K – R10M | R1M – R50M | R15M, R25M, R50M, R75M, R100M |
| Turnover Eligibility | No Limit | No Limit | No Limit | Up to R250M | Above R250M (corporates + public sector) |
| Excess Payable | | | | Fixed per structure | Adjustable |
| Account Verification Requirement | Not mandatory | Mandatory for cover >R250K | Mandatory | Cover Limit Dependant | Mandatory |
| Application Complexity | Simple application | Simple application | Simple application | Simple application | Bespoke underwriting and risk profile |
| Claims Processing Time | 72 hours for valid claims | 72 hours for valid claims | 72 hours for valid claims | Breach severity dependant | Breach severity dependant |
Want to Know More?
This product is distributed through licensed insurance brokers. If you’d like more information:
Email: enquiries@phishield.com
