AIG Uganda, a property, causality and general insurance firm, has launched the first ever cyber insurance in the Uganda market dubbed AIG Cyber Edge Policy.
“Cyber Edge covers the obvious and less consequences of cyber risks, enabling companies to continue their day to day business, knowing that everything won’t fall down as part of domino effects. AIG cyber edge policy has been tried and tested throughout Europe and our policy holders have benefited from leading forensic and legal professionals to deliver guaranteed high quality assistance after cyber breach. We are therefore confident that our Ugandan customers will positively benefit from this experience,” Ann Othieno, the Managing Director AIG Uganda said last week.
Cyber security is a crucial aspect for all sectors of the economy since the internet has become an essential modern day infrastructure whose impact of interruptions, breaches and attacks can cause disastrous financial loss. Managing cyber-attacks, threats and risks is always challenging especially in the present economic environment where technology changes at a very high speed which leaves gaping holes in highly sensitive company information.
Othieno said cyber exposures are the most prominent risk concerns on a business’s radar and in a digital age and this trend is set to continue. The threats represented by cyber risks are now as tangible as physical threats to a company’s assert and have serious knock-on effects. It’s this kind of chain reaction that cyber edge has been designed to help counteract.
Uganda has suffered a tremendous attacks of cyber-crimes mostly directed at commercial organisations, financial institutions and government bodies. Many such attacks have led to equipment failure, destruction of intellectual property, physical damage to property and physical harm to people and not to mention the devastating financial losses.
The perpetuators of these crimes have used internet to hack into institutions’ systems and defraud them. Banks and telecom companies have been the most affected, although government bodies and private sectors organisations have too had a bitter test of the vice.
Cyber-crimes have been heavily blamed on the inability to punish fraudsters due to lack of adequate tracking systems and use of technology with weak security controls. Although players have tried to put in place to curb the ever increasing fraud in the country, it hasn’t deterred fraudsters from making threats and consequent attacks.
Speaking on the amount of damage that cyber threats can exposure an institution too, Herman Kasekende, the Managing Director Standard Chartered Bank Uganda said that even when the company does everything right to protect private information and confidential data, things can go wrong.
“Hackers can access employees personally information, a rogue employee ma leak sensitive information online, a vendor error could put customers financial data at risk, activists might make the company’s private data public to draw attention to their cause and when any of these happens, when private personal and financial information in your company’s care is compromised, the consequences can be detrimental,” he said.
He appreciated AIG Uganda for the industrial insights and consequent introduction of the Cyber Edge Policy. He said it is a product that will put companies at peace as they carry out their daily operations put also asked employees to be careful with who and where they share some information.