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Technology can be a mixed blessing. Many professionals are already worried that artificial intelligence will make their jobs redundant. And let’s not forget the devastating effects of social media on local news production. On the other hand, innovation has historically led to net gains in job growth. While new technologies inevitably disrupt certain industries or sectors, they tend to be good for economic growth overall. For small and medium-sized businesses, seizing the opportunities of innovative new technologies while avoiding the pitfalls is a perennial challenge. Large firms have Chief Technology Officers and teams of IT specialists. SMEs don’t usually have that luxury. Given that a data breach can affect any business—with potentially severe legal and reputational consequences—SMEs need to pay particular attention to industry best practices and seek advice from qualified experts to ensure, on the one hand, that they adequately anticipate and control risks and, on the other hand, that they get the most out of the technology available to them. These are some of the technology risks and rewards South African SMEs need to start paying attention to: Staying on the right side of privacy laws South Africa beefed up its data protection laws with the introduction of the Protection of Personal Information Act (POPIA). While there are questions about the regulator’s effectiveness [https://mybroadband.co.za/news/security/481611-zero-fines-after-500-reported-popia-offences.html], businesses should not be complacent. The Act provides for serious fines that could be devastating to a small business. In addition, a leak of customers’ private data will undermine consumer trust and tarnish a brand. In such cases, prevention is always better (and more cost-effective) than cure. SMEs should consult the relevant legal or risk experts to ensure they comply with the regulatory requirements of the Act—and that their technology is up to standard to prevent embarrassing data leaks. Hidden risks of remote working Work from home seems set to stay, whether in hybrid form or fully remote. While it may annoy some managers, the ability to work remotely can be a great source of resilience, enabling business continuity even in extreme conditions (as we saw during COVID-related lockdowns). However, remote work also introduces new risks. Sharing client data via unencrypted documents or spreadsheets leaves companies vulnerable to interception. And ‘work from home’ isn’t always literally true, especially when employees need to find alternative workspaces during load shedding. Working at the local coffee shop can be enjoyable and productive, but the combination of an unsecured Wi-Fi network and curious gazes from fellow patrons is a cybersecurity minefield. Businesses should also consider implementing a security standard like ISO 27001 to assess and close gaps in their security. However, these are generally expensive to implement and will not be suitable for all companies. Tools to do more with less With rising interest rates and lower consumer demand, businesses may find themselves with less access to productive capital to spend on marketing, expanding product lines, or investing in growth more generally. In this climate, finding new efficiencies is an important stabilisation strategy. Technology can play a critical role by automating time-consuming functions and freeing employees to spend more of their time on productive activities (such as driving new business). Flexible cloud-based accounting tools, CRMs, inventory management, and workflow systems can save time while beefing up digital security. There is even specialised software to meet regulatory and compliance requirements. Of course, not all tools will be suitable for every business. An SME’s investment in any software package will depend on its operational budget, the number of employees, and the complexity of the work employees do. With that caveat in mind, an investment in technology can result in resilience and cash flow benefits in the medium and long term – and create a stronger foundation for growth when the economy picks up. Holistic risk partnerships are key Insurance against cyber risks is an important part of any business’s digital strategy. Choosing the appropriate insurance product is only part of an integrated risk mitigation strategy. SMEs may not have a dedicated CTO and CFO or an in-house risk team, but they can partner with an insurer that considers the company’s entire risk landscape and advises on a holistic risk management approach. In other words, for SMEs, in particular, meaningful collaboration with a risk partner is one of the most effective ways to manage costs, mitigate risk, and position themselves for future growth.

It’s school holidays for many South Africans and the peak summer holiday season in some of our favourite northern hemisphere holiday destinations, notably the UK, USA, and European favourites like Italy and France. Escaping the South African winter (albeit for a few days or weeks) and enjoying a dream family vacation cannot be more tempting. But international travel is complex at the best of times. So, for those of us who are fortunate to take advantage of this break, here are the top 4 tips, courtesy of Bryte, to help you maximise enjoyment and minimise hassle: 1. Coming unstuck Unexpected costs and unwanted surprises are always a risk when you’re crisscrossing the globe. Cancelled or delayed flights may have serious knock-on effects: travellers could miss connecting flights or lose out on accommodation they have already paid for. These situations are stressful enough and when you add extra costs and the inconvenience of reorganising schedules, travel insurance can make the greatest difference, turning that frown upside down. The family that travels together… A good travel insurance policy should cover the whole family. Be sure to list the names of each traveller when purchasing cover to ensure that everyone (including children from the age of 3 months old) is protected.       2. Break a leg, break the bank The 2023 Bryte Travel Index [https://brytesa.com/assets/0a3e6411-823c-4ece-bd3b-36164d79a36c] – a compelling benchmark in terms of South African travel preferences and claims trends - shows just how costly medical expense claims can be when unexpected illness or emergency medical treatment happens. While many may never need any medical care, those who do can end up spending hundreds of thousands of rands. A trip to the emergency department, brief hospitalisation, or even urgent dental care could mean landing yourself in a lifetime of debt. So, for quality emergency care that doesn’t break the bank, ensure you have a comprehensive travel insurance plan.       3. One man’s treasure… Travelling with kids often involves packing (expensive) gadgets and gizmos to keep them (and yourself) entertained. Losing that iPad or portable gaming device can throw a real spanner in the works. So too can losing your expensive cameras, laptops, and worse – your entire suitcase. Some basic measures to protect your personal items can go a long way: * Never pack valuables in your check-in luggage. The same goes for items you will urgently need, such as medication. As the Bryte Travel Index confirms, loss of valuable items or damage to luggage is a small but ever-present risk. * Take note of how your travel insurance applies to lost or stolen items. There may be a per-item limit – i.e., your insurance pays a maximum rand value per item lost or damaged. It is therefore strongly advisable to consider personal items insurance for valuables such as phones, jewellery, or that designer handbag. * Stroll the Riviera minus your finest. It may be tempting to pack your finest jewellery to wear on the French Riviera or to a New York Broadway premiere. But perhaps it would be more prudent to keep those items safely stored at home.       4. SPF 100 - Summer fun protection factor Before you slap on the sunscreen or your wetsuit, consider these: * What’s covered? Your travel insurance policy will likely cover many of the activities you’ll encounter on a standard summer holiday. But be sure to check what exactly is insured and the conditions that apply (ask your broker or contact your insurer if you are in any doubt). For instance, a travel policy could cover scuba diving, but it could limit the depth you’re permitted to dive. * Obey local regulations: Your fellow tourists may be driving scooters or operating water skis after sampling local wines – but that doesn’t mean you should too. You can put your life and those of others at risk. Also, your insurance policy won’t cover you if you break the law.    

With more than 2 million SMEs operating in South Africa, small businesses are an imperative part of the economy and an invaluable source of employment. Being an entrepreneur can be stressful: you need to consider revenue, cash flow, being able to pay staff, and ensuring you are covered for the ups and downs of doing business. Like most things, businesses are vastly impacted by seasonality. Holiday periods like December, can majorly affect your SME, depending on your industry. It can be a huge boost if your business is based on seasonal tourism, or it can be a downscaled month if you have shut-down periods. Both of these could pose a threat to your business, and it is important that you safeguard against these. When the Festive Season is your Busiest Time 1. Ensure you are adequately staffed  It is essential that you have the right number of staff in place for an influx of customers. This can be forecast according to previous years as well as tourism and travel trends. Speak to other small businesses in your area to get a sense of their expectations of footfall in the holiday period. Also, have insurance in place to compensate your staff should you not hit your expected revenue targets. 2. Be vigilant Crime tends to increase during peak season. Avoid having too much cash on the premises, increase your security measures, change your routines, and have the right insurance in place to cover theft. Prepare your staff for the influx of customers and train them to be safe and vigilant. 3. Be financially ready  While you should avoid having too much cash on your premises, be sure to have the right float for your business. Plan ahead to have cash flow during busy times so you can pay additional staff, stock up ahead of time, and manage the additional costs that come with the busier seasons. 4. Manage your stock Plan and manage your stock well. Too much stock (especially perishables) could go to waste and lead to revenue loss. Similarly, you need to have enough stock to cater to your customers’ needs and capitalise on the seasonal uptake.     When the Festive Season is downtime   1. Be covered to look after your staff Preparing to carry staff costs during slower periods is essential. If you can reduce staff shifts – or use the time for staff to take leave – it can help you save costs in the long term and have the full staff complement in place during peak seasons.   2. Protect your assets A complete shutdown makes your business more vulnerable from a security point of view. Employing additional security measures and insurance in advance is a good way to safeguard your assets as break-ins, vandalism, and other related incidents can be more prevalent during the quieter periods and when businesses and office parks are empty. Be sure to check your insurance cover before November comes along. 3. Be financially ready Manage your cash flow effectively during quiet times to ensure that you can handle your fixed costs. Build an insurance or loan plan so that you are covered for lower cash flow times and should you have an emergency.   4. Manage your stock Don’t over-invest in stock during this period, especially perishables. Your cash flow could be impacted if you over-invest in stock that you cannot convert during quiet periods. However, at the same time, it is important to get stock orders in on time so that you are prepped and ready when opening for the busier seasons. The festive season should be about celebration, whether it is entertaining and enjoying a busy business season or taking some much-needed downtime, being prepared for the business ups and downs can give you peace of mind to enjoy the season knowing your business is well protected.

With winter upon us, many South Africans look forward to a relaxing getaway. For some, that means spreading our wings and pursuing adventure abroad. The more adventurous among us may even consider hitting the slopes for a thrilling skiing trip. Travellers must proactively manage risks to ensure a safe and fun adventure holiday. Here are some tips for a hassle-free and enjoyable winter ski break. Keep your winter kit safe. Theft can spoil the mood on even the most exciting holiday. And if you’re travelling with pricey winter jackets and deluxe après-ski attire, loss or theft will really put a damper on your trip. Make sure that you have sufficient cover for these items. Lost or damaged baggage is relatively rare, but it is a fact of travel life. As many travel insurance policies have a per-item maximum pay-out limit, it may be prudent to ensure that the appropriate personal insurance policy covers valuable items (such as jewellery, laptops, and cameras) and the luggage itself. If in doubt, chat with your broker or insurer before you take off on your trip. If you’re travelling with valuable items, keep them close to you. Don’t take unnecessary risks by putting your most prized possessions in check-in luggage. Staying safe on the slopes. Casual skiing can be safe and enjoyable if you follow basic guidelines and best practice. Here are some important points to remember when hitting the slopes: * Ensure your skis are properly fitted: Failing to set up equipment properly poses major risks, including knee and leg injuries. Skis are designed to release when a certain amount of pressure has been exerted upon them, but incorrect configuration can lead to accidents. * Dress for the weather: Mountain weather conditions can change rapidly. Temperatures can quickly drop from pleasantly warm to freezing. Be sure to carry additional layers to ensure you’re prepared for the whole range of weather conditions you might experience on a day out in the Alps.     Travel cover is not optional. Travel insurance is essential to a safe holiday—especially a sports adventure trip. The right policy protects against events such as medical emergencies, travel interruptions, and baggage loss. A Bryte case study illustrates the value of the right level of cover well. A customer on holiday in Austria was involved in a ski accident and broke her leg. She urgently needed to be airlifted from Salzburg for surgery. Following successful medical intervention, she was discharged six days later and upgraded to business class for her flight home. Get informed before you jet off It’s always important to understand precisely what your travel insurance policy terms are before you go on holiday. This is especially important when engaging in adventure sports. Don’t take your level of cover for granted – and be sure you are aware of all exclusions. If in doubt, don’t hesitate to contact your broker or insurer to ensure you have the right cover, that is appropriate for your next adventure.