Britam General Insurance (K) Ltd has launched an insurance policy aimed at protecting businesses from cyber risk.
The product -Cyber Insurance – covers physical property damage, product liability, business interruption or supply chain disruption from cyber-attacks; as well as data losses caused by damage, theft, disruption or corruption of electronic data.
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 customer details including medical records, credit card information, bank account details, and other records are protected at all costs.”
The Cyber Insurance product is critical for all types of companies dealing in data, as they are vulnerable to various cybersecurity risks that can prove deadly to a business.
Britam has partnered with Chubb, a global leader in insuring cybersecurity risks for the last 18 years and is present in 54 countries.