By Silvia Nyambura
The internet has become an essential modern day infrastructure whose access is growing fast in developing nations. The Uganda Communications Commission (UCC) estimates, the country has 10.8 million internet users a number that has been growing on a year on year basis. That said, the internet has no boundaries and is prone to interruption, breaches and attacks which can cause disastrous financial loss. Managing Cyber Crime is always challenging especially in the present economic environment where technology changes at a high speed leaving gaping holes in highly sensitive company information.
Uganda has suffered Cyber Crime mostly directed at commercial organizations, financial institutions and government bodies. These attacks have led to equipment failure, destruction of intellectual property and physical damage to people and property. Most of these organizations do not realize how vulnerable the internet is until they fall victims. Cyber Crime has been blamed on the inability to punish fraudsters due to lack of adequate tracking systems and use of technology with weak security controls
To this end AIG Insurance has unveiled the first ever Cyber Insurance policy. Dubbed the AIG Cyber Edge policy, the product aims at counteracting cyber threats.
Speaking in Kampala today, AIG Underwriter for Casualty and Financial Claims Alex Mukasa said, “Cyber exposures are one of the most prominent risk concerns on a business’s radar. The threat presented by cyber-attacks is now tangible as hackers target organizations’ assets. Cyber Edge covers the consequences of such activities enabling companies to focus on their core business.
