10 Reasons Why You Need Cyber Liability Insurance
By Juma Fred / September 27, 2017
Data is one of the most valuable and important assets an individual or company can have. Unfortunately, data is one area that is not covered by standard property insurance policies.
According to AoN Kenya Insurance Brokers Limited, in an event held to deliberate on cyber risks in the country, there are various reasons why data should be insured at all costs.
Data is one of your most important asserts yet is not covered by standard property insurance policies
Systems are critical to operating your day to day business but their downtime is not covered by standard business interruption insurance.
Cybercrime is the fastest growing crime in the world and there are gaps in conventional Crime insurance.
Reliance upon Cloud and other providers does not eliminate your exposure to Cyber risk.
Third party data is valuable and you can be held liable and face penalties if you lose it.
Complying with data breach notification and privacy cost time and money.
Your reputation is your number one asset: how will you manage the fallout of a Cyber event?
Flexible working and VYOD increases the risk of hacking, loss and theft.
Social media and Internet of Things (IOT) usage is an all-time high.
Cyber criminals are targeting organizations of all sizes and across all industries.
According to Aon Chief Executive Officer Sammy Muthui,“Data is an organization’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.”
Yet most business owners do not realize that a standard property policy would not respond in the event that this data is damaged or destroyed.
As a result, Kenyan businesses, corporates can now get comprehensive cyber risk management coverage to protect themselves in the event of cyber attacks and technology failures, with a new service from Aon Kenya.
Aon Kenya has launched a Cyber Enterprise Solutions to enable businesses to protect themselves against cyber criminals, data loss and the potential ramifications of a cyber-incident.
“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.
“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,” Muthui said.
Aon Cyber Enterprise Solution 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.