According to AON Chief Executive Officer (CEO) Sammy Muthui, the move was in response to the growing cyber criminality threatening both corporates and SMEs. He added that hackers were increasingly targeting sectors that are digital-savvy especially with the rise of financial technology and internet banking, although it was not just not just limited to financial sectors. The cyber insurance cover will guard against cybercriminals, data loss and the potential ramifications arising from a cybercrime. Additionally, the cover will also offer users a comprehensive cyber risk cover that includes cover for any damages on property caused by network security breach, 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. “Data is an organization’s most valuable asset but it’s also the 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,” said Muthui. “Our simplified policy wording and holistic approach to risk management and incident response mean clients and brokers can feel confident about what they are getting,” Mr. Muthui said. The cyber insurance cover, which also covers products liability to address Internet of Things exposures, offers comprehensive and integrated enterprise-wide coverage against cyber risk.
