This archive report was first published on 29 August 2019.
On the back of a new government data protection policy and a stern warning by Central Bank of Kenya Governor Patrick Njoroge, Britam Holdings Group has launched a cyber-risk cover to protect Kenyan businesses from data breaches and malicious cyber-attacks.
The cover, launched by Britam General Insurance, targets big firms, Small and Medium Enterprises (SMEs), hospitals, corporates, and parastatals. According to Britam Holdings Group Managing Director Benson Wairegi, the cover was timely, given the Kenyan economy's experience of 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,” said Wairegi.
Britam General Insurance CEO Margaret Gathanga noted that cyber insurance could help offset financial liabilities when breaches occurred. She also pointed out that there lacked a cover presently in the market that shielded companies from cyber threats.
“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,” said Gathanga.
According to data from the Communications Authority (CAK), cyber-attacks rose by 10 per cent in the first three months of 2019, with 11.2 million Kenyan organisations being victims.
Related Topics:
- Britam General Insurance
- Cybersecurity
- Cyber attack
