This archive report was first published on 30 August 2019.
Kenya's corporate sector is breathing a sigh of relief with the launch of Britam General Insurance's innovative Cyber Insurance cover, designed to shield businesses against the escalating trend of cybercrime.
According to Serianu's Africa's Security Report-Kenya 2018, the cost of cybersecurity in Kenya stood at Ksh 30.6 billion (US$295 million) in 2018, with breaches outpacing corporate spend on mitigation measures.
As a result, organisations are investing more to achieve cybersecurity resilience, with 26% of respondents spending above $10,000 on cyber security in 2018, a significant improvement from 2016 when 95% invested less than Ksh 517,941 ($5,000).
“In 2017, we saw a slight improvement of 7% whereby 88% reported to have spent less than $5,000 on cyber security. In 2018, 26% of respondents spent above $10,000. Further analysis also revealed that majority of organisations which spend $10,000 and above are from the banking and financial sectors. This not surprising since these industries are the most targeted,” the report says.
Britam's Cyber Insurance cover provides comprehensive protection against cyber-attacks, including loss or damage to electronic data, reputational costs, and data breaches. The policy also covers property damage arising out of a network security breach, business interruption, and extra expense coverage.
Britam has partnered with Chubb, a global leader in insuring cyber security risks, to deliver consistent and high-quality services worldwide.
During the launch of the product, Britam Holdings Plc Group Managing Director, Dr Benson Wairegi, said: “Cybercrime will continue to become more advanced not just in the financial sector, but also in many industries across the region.”
“It therefore behooves all corporates to strengthen their core security hygiene, adopt modern platforms and comprehensive identity, security and management solutions to ensure customers details including medical records, credit card information, bank account details and other records are protected at all costs,” he added.
