AIG launches cyber insurance

Aug 12, 2015

In response to the risk of loss from cyber-attacks, AIG insurance has launched Uganda’s first ever cyber risk cover referred to as the ‘CyberEdge’. It also launched a CyberEdge app.

By Samuel Sanya

In response to the risk of loss from cyber-attacks, AIG insurance has launched Uganda’s first ever cyber risk cover referred to as the ‘CyberEdge’. It also launched a CyberEdge app.


Cybercrime is any crime that involves a computer or a computer enabled device like a smartphone and a network. Just about 15 insurance companies provide cyber insurance globally.

Ugandan banks lose up to sh12b annually to digital fraud according to  2012 Deloitte reports. But they never report for fear of losing client trust.

Anna Othieno, the AIG Uganda managing director noted at the Serena  Hotel that effects of cybercrime such as reputational and financial loss can end businesses.

Herman Kasekende, the Standard Chartered Bank managing director noted  that cybercrime is now a strategic risk. He urged companies to develop  a strong corporate culture where employees are valued and to be  vigilant to mitigate the risk of cybercrime.

Micheal Kiberu Nagenda, an ICT consultant with the International Bank  of Frankfurt Security Department noted that cybercrime keeps evolving.

He said companies and individuals must be proactive and continually  update their security systems.

James Norman, a consultant and associate director – Insurance risk  consulting at KPMG East Africa noted that companies should take a holistic approach and not a compartmentalized approach when creating  their cyber risk strategies.

James Osumo, the Chief Operations Officer Marsh Uganda cautioned the  conference against using the same password for their social media, bank accounts and e-mail accounts as this makes them an easy target  for hackers.

AIG’s Alex Mukasa said the cover caters for data liability,  administrative expenses, reputation and response costs, multimedia liability, cyber extortion and business interruption costs.

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