Britam has collaborated with Chubb, a global leader in cyber insurance, to provide a cyber-security cover for corporates. The innovative cyber insurance cover will enable corporates to mitigate risks in the digital age as they face increased risk of cybercrimes.
The product is one of the first in the Kenyan Insurance market in line with the government’s data protection policy. In addition, the Central Bank of Kenya (CBK) issued a directive that corporate financial services would be held responsible in case of breach of customer information.
The product covers loss or damage to electronic data, reputational costs caused by cyberattack incidents. Moreover, Britam will protect businesses against a data breach or malicious cyber attacks that affect computer systems.
Furthermore, firms will enjoy insurance against data losses caused by damage, theft, disruption, or corruption of electronic data.
The venture is an opportunity for growth as it responds to the ever-changing cybersecurity environment. Cybersecurity experts have been urging firms to increase training on cybersecurity professionals to help deal with cybercrimes.