AON Kenya Unveils Industry-First Cyber Insurance Solution

Professional services firm Aon Kenya has launched Kenya’s first cyber liability and data protection insurance product, aiming to protect companies in the event of cyber attacks, security breaches, and cyber extortion.

With cyber risk ranking in the top 10 in today’s emerging risks, the new policy dubbed ‘Aon Cyber Enterprise Solution’ is designed to protect SMEs and even large businesses in the face of increasingly sophisticated cyber threats.

The insurance solution covers business interruption arising from a network compromise, products liability to address Internet of Things exposures; cyber terrorism coverage; privacy/security liability and event expense coverage;  and media liability and technology errors and omissions by endorsement.

Commenting at the launch of the product, Aon Kenya Chief Executive Officer Sammy Muthui said, “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.”

According to an ICT security survey conducted by Kenya National Bureau of Statistics & Communications Authority of Kenya (CA), Kenya lost about Sh18 billion ($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.