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With the increased importance of cyber security, a new need for qualified and well-trained engineers are in great demand. As organizations master the skills to secure networks and to protect systems and data from attack, damage and/or unauthorized access, insurance firms work even harder to ensure peace of mind, as the mantra for such companies.
A kenyan insurance giant, Britam General Insurance, has introduced a cover seeking to protect companies from cyber-based threats, in a policy by the subsidiary of the listed Britam Holdings.
The cover shields businesses against data breaches or malicious cyber-attacks and covers loss, damage, theft or corruption of electronic data. It also shields against cyber extortion and property damage caused by a network security breach, business interruption and extra expense due to system failures.
Britam Holdings Group Managing Director Benson Wairegi, alluding the cover that targets big firms, Small and Medium Enterprises (SMEs), hospitals, corporates and parastatals, said the move is timely, Kenya having experienced losses worth Sh29 billion in 2018 as a result of cyber-attacks.
“Cyber Security threats will continue to become more advanced not just in the financial sector but in many other industries across the region,” he said.
Britam General Insurance CEO Margaret Gathanga explained that cyber insurance could help offset financial liabilities when breaches occurred, noting that such a cover lacked in the market.
“With Kenyan businesses stepping up to digitize and embrace new technologies the vulnerabilities are likely to increase, this demonstrates the huge need for protection against such attacks.” Margret Gathanga
The product comes on the back of a new government data protection policy that is currently in the works and a stern warning by Central Bank of Kenya Governor Patrick Njoroge that directors of banks and other financial institutions would be held responsible in cases of breaches of customer data.
Data from the Communications Authority (CAK) also shows that cyber-attacks rose by 10 per cent in the first three months of 2019 with 11.2 million Kenyan organisations being victims.