This archive report was first published on 31 August 2019.
Britam Holdings, a leading insurance company in Kenya, has taken a significant step in protecting Kenyan businesses from cyber threats by launching a new cyber risk cover. The policy, which was launched in August 2019, shields companies against data breaches, malicious cyber-attacks, and property damage caused by network security breaches.
According to Britam Holdings managing director Benson Wairegi, the cover is timely, given that the Kenyan economy experienced losses worth Sh29 billion in 2018 as a result of cyber-attacks. Wairegi noted that cyber security threats will continue to become more advanced not just in the financial sector, but in many other industries across the region.
Britam General Insurance CEO Margaret Gathanga explained that cyber insurance could help offset financial liabilities when breaches occur. She noted that there is no cover presently in the market that shields companies from cyber threats, and that the product has been launched ahead of a new government data protection policy that is in the works.
Britam's new cyber risk cover also guards against business interruption and extra expense due to system failures. The company's decision to launch the cover comes at a time when data from the Communications Authority shows that cyber attacks rose by 10 per cent in the first three months of 2019.
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