Insurance firm, Aon Kenya has announced the launch of Cyber Enterprise Solutions to enable businesses to protect themselves against cyber criminals, data loss and the potential ramifications of a cyber-incident.
Aon Cyber Enterprise Solution is a property/casualty and Internet of Things insurance policy that offers comprehensive and integrated enterprise-wide coverage against cyber risk. The solution is intended to protect organizations against catastrophic cyber risk.
The policy provides comprehensive cyber risk cover, including cover for property damage arising out of a network security breach; products liability to address Internet of Things exposures; business interruption and extra expense coverage arising out of systems failure; contingent network business interruption for IT vendors and the supply chain; cyber terrorism coverage; privacy/security liability and event expense coverage; and media liability and technology errors and omissions by endorsement.
“Data is an organisation’s most valuable asset but it’s also most vulnerable asset. However, as businesses and companies grow, so do their exposure to cyber risk. This simply means that that as the value of a business grows, it raises its profile among hackers,” said Aon Kenya Chief Executive Officer Sammy Muthui.
“The launch of our new Cyber Risk Solution underlines our commitment to provide cover for the wave of new and emerging risks that worry risk managers the most. Our simplified policy wording and holistic approach to risk management and incident response means clients and brokers can feel confident about what they are getting,” Mr Muthui said.
He further said that the launch of cyber risk solution by Aon Kenya was a response to the growing cyber criminality threatening both corporates and SMEs alike, adding that hackers were increasingly targeting sectors that are digital-savvy especially with the rise of financial technology and internet banking, “but this is not just limited to financial sectors.”
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“Organisations rely on systems to conduct their core businesses. In the event that a hack attack, computer virus or malicious employee brings down these systems, a traditional business interruption policy would not respond. Aon Cyber Enterprise Solution is here to provide insurance cover for loss of profits associated with systems outage that might be caused by a “non-physical” threat like a computer virus,” adds Mr Muthui.
According to an ICT security survey conducted by Kenya National Bureau of Statistics and Communications Authority of Kenya (CA), Kenya lost about Sh18 billion (US$175 million) to cybercrime in 2016.
The survey also showed that up to 48.4 per cent of all government agencies reported data loss due to a virus attack and 5.1% of businesses and 7.1% of State institutions are hacked annually, and that while most businesses were eager to download antivirus software, only 15 percent had systems to detect intruders.
