This archive report was first published on 30 August 2019.
Britam Launches Cyber Insurance for Corporates ¶
On August 30, 2019, Britam collaborated with Chubb, a global leader in cyber insurance, to provide a cyber-security cover for corporates in Kenya.
The innovative cyber insurance cover is designed to help corporates mitigate risks in the digital age, where they face increased threats of cybercrimes.
According to the Central Bank of Kenya (CBK), corporate financial services will be held responsible in case of a breach of customer information, making this product a timely response to the government's data protection policy.
The cyber insurance cover protects businesses against loss or damage to electronic data, reputational costs caused by cyberattack incidents, and data breaches or malicious cyber attacks that affect computer systems.
Additionally, the insurance provides comprehensive cyber risk cover, including property damage arising out of a network security breach, business interruption, and extra expense coverage arising out of system failure.
Britam's venture into cyber insurance is an opportunity for growth, responding to the ever-changing cybersecurity environment. Cybersecurity experts have been urging firms to increase training on cybersecurity professionals to help deal with cybercrimes.
