AIG, a leading global property, casualty and general insurance company has launched the ‘AIG Cyber Edge’ in Uganda.

Speaking at the launch of the first Cyber Insurance product in Uganda, Anna Othieno, the AIG Uganda Managing Director noted that cyber security is crucial now that the internet has become an integral part of all sectors of the economy.

“Cyber exposures are one of the most prominent risk concerns on a business’ radar and in a digital age this trend is set to continue. The threat represented by cyber risks is now as tangible as physical threats to a company’s assets and has serious knock-on effects. It is this kind of chain reaction that Cyber Edge has been designed to help counteract,” Ms Othieno said at the launch.

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She explained that managing cyber-attacks, threats and risks is always challenging especially when changes in technology happen rapidly creating potential gaps in highly sensitive company information.

“We are excited to launch Cyber Edge, an insurance product designed to protect against the full potential impact of a cyber-breach; the solution covers financial, legal, investigative and reputation exposures from a single premium,” she added.

According to Ms Othieno, the Cyber Edge product has already proven effective in Europe with policyholders benefiting from leading forensic and legal professionals after a cyber-breach.

Meanwhile, in the recent past, Ugandan commercial organisations, financial institutions and government bodies have suffered from several cybercrime attacks, leading to among others, equipment failure, destruction of intellectual property, physical damage to property and devastating financial loss.