According to Serianu’s Cybersecurity Report 2016, firms in Kenya lost $171 million to cyber criminals in 2016 alone with banks becoming the leading target of cybercrime due to increase use of internet banking and mobile technology.
The report estimated that In East Africa, Kenya recorded the highest losses — $171 million — to cyber criminals while Tanzania lost $85 million and Ugandan companies lost $35 million. In total, African countries lost at least $2 billion in cyber attacks in 2016.
Over one-third of organizations that experienced a breach in 2016 reported substantial customer, opportunity and revenue loss of more than 20 percent. With these the Chief Security Officers blamed budget constraints, poor compatibility of systems, and a lack of trained talent as the biggest barriers to advancing their security postures.
Other said their security departments are increasingly complex environments with 65 percent of organizations using from six to more than 50 security products, increasing the potential for security effectiveness gaps.
In a move to help firms reduce their security expenditures and curb loss of business, loss of data, loss of finances due to hacking, AON Kenya recently launched the AON Cyber Enterprise Solutions Cover, a cyber security policy to help firms protect their data.
The cover is for property damaged due to a network security breach, products liability to address Internet of Things exposures, business interruption and extra expense coverage caused by systems failure and contingent network business interruption for IT vendors and the supply chain.
AON Kenya also says the policy covers cyber terrorism, privacy/security liability and the coverage of expense brought by such an event as well as media liability and technology errors and omissions by endorsement.
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 was a response to the growing cyber criminality threatening both corporates and SMEs alike, with hackers increasingly targeting sectors that are digital-savvy especially with the rise of financial technology and internet banking. The Aon Cyber Enterprise Solution also provides insurance cover for loss of profits associated with systems outage that might be caused by a “non-physical” threat like a computer virus.
Read more at AON.co.ke