Undoubtedly, incidences of kidnapping are on the increase in South Africa. Broadly, many acts of kidnapping are carried out by terrorist or criminal enterprises as a form of extortion in return for prisoner exchanges. Such groups might also seek media coverage, financial compensation, and other considerations through such action.
Motives for kidnapping are diverse, and they vary across geographies. Some are conducted by rogue regimes looking for fighting power, such as the widespread kidnapping of children in Sudan to reinforce militia fighting groups and others who are kidnapped at sea by Somalian pirates, demanding ransom to release crews and cargo.
But what about closer to home? Here in SA, individuals and their families are becoming increasingly prone to kidnapping.
How can you protect yourself from such a risk?
Kidnap Cover:
Typically, this is a stand-alone policy that protects you and your business from financial losses as a result of kidnapping, ransom, or extortion demands.
The policy covers ransom payment, loss of income, interest on bank loans, and medical care. Many policies also cover the costs of business interruption, consultants for crisis management, support services, and even public relations expenses. In addition, a policy taken out by a business will cover lawsuits against the company by the employee who were kidnapped.
Methods of kidnapping have evolved beyond the traditional “snatch and demand” methodology, where kidnappers take custody of a victim and demand a ransom—typically from employers or family members—to release them to safety. While those methods are still used, most kidnappings today are forms of express or virtual kidnapping.
Express kidnappings involve a small and immediate demand for ransom from a victim, such as an ATM kidnapping. Criminals hold a victim hostage, transport that victim to an ATM, and force him or her to withdraw the maximum amount possible from his or her account before being set free.
Virtual kidnappings are hoax driven. A victim’s family might receive a threat in an email or phone call that a loved one was abducted and will be harmed if they do not pay a ransom. Fear sets in, which can cause family members to pay the unidentified kidnappers, although no one has been kidnapped.
The emergence of cryptocurrencies in ransom demands around the world provides a new dynamic to an already complex threat. Understanding the evolving threat and knowing how to address it will remain vital for risk mitigation as well as incident response.
With kidnapping on the increase, if you want to know more about what this cover can provide for your or your business please contact Debbie on (cell: 082 551 8146 / tel: 011 656 2910)