Protecting business: Britam rolls out cover for cyber attacks
Britam has launched an insurance policy aimed at protecting businesses from cyber attacks estimated to have cost the economy about Sh29.5 billion last year.
Britam General Insurance (K) Ltd Chief Executive Officer Margaret Kathanga said cyber attacks increased by 167 per cent between October and December 2018, costing the economy Sh10.2 billion, up from Sh3.8 billion in a similar period in 2017.
Kathanga was speaking in Nairobi yesterday, when Britam launched a Cyber Insurance cover in collaboration with Chubb Insurance South Africa Limited. Also present was Britam Holdings Plc Group Managing Director, Benson Wairegi.
Chubb is a global leader in insuring cyber security risks and is present in 54 countries.
Wairegi said the cover will protect businesses against the increasing trend of cyber threats which are becoming increasingly sophisticated and aggressive.
The product, among the first in the local insurance market, is launched at a time Central Bank of Kenya (CBK) has warned directors of financial firms that they would be held responsible for breaches of customer information.
It will cover loss or damage to electronic data, reputational costs resulting from cyber security incidents and protect businesses against data breach or malicious cyber attacks that affect computer systems.
In addition, it will cover data losses caused by theft, disruption or corruption of electronic data, among other risks.
Wairegi warned that cyber security threats will continue to become more advanced not just in the financial sector, but also in many industries across the region.
He urged business organisations to strengthen their core security hygiene, adopt modern platforms and comprehensive identity security and management solutions to ensure customer details including medical records, credit card information, bank accounts details and other records are protected at all costs.
Chubb’s policies provide worldwide coverage in response to the ever-changing cyber security environment through delivery of consistent and high quality services around the world.
Chubb’s Head of Financial Lines, Alexandra Schudel said among the health, manufacturing, credit and debit card sectors were most exposed to cyber security attacks.
“The healthcare is exposed because of its legacy systems. Data provided is very good and can create a good profile that can be used to create a fake identity,” she said.