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This research highlights key Kenyan insurers offering cyber insurance to help businesses mitigate financial losses from digital threats like data breaches and cyberattacks. The growth in cyber insurance adoption signals increased digital awareness and risk mitigation efforts among enterprises.
Kenya's MSMEs face significant exposure to shocks – 35% of households/businesses recently reported losses from fire, flood, or theft. Formal insurance penetration remains low (22% of Kenyans have insurance, 2.4% penetration overall). Kenyan insurers and startups are responding with innovative microinsurance products.
Read MoreThe Communications Authority (CA) reported a 943% quarterly surge in detected cyber threat events (from 123 million to 1.29 billion) between Q3 and Q4 of 2023. High-profile attacks – such as the LockBit ransomware hacking Jubilee Insurance (exfiltrating 662 GB of data) and Medusa targeting Kenya Airports Authority – underscore the danger. Phishing and malware attacks also persist (Kaspersky found
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