BKIC News

Cyber Risks Insurance

30/01/2022

The leading Insurance company Bahrain Kuwait Insurance Company B.S.C. (gig Bahrain) announced today the revamp of its Cyber Insurance Cover

As we are leaping in the digital world, technology is rapidly progressing in our lives and data has become one of the most important assets of any organization. And as any asset that the organization protects against different risks, data should also be protected from cyber-attacks.

“Our product is redesigned to ensure that we provide our customers with the highest levels of protection against such risks.” commented Mr. Manoj Badoni Chief Underwriting Officer at BKIC.

Cyber Insurance Cover provides First party cover, Third party cover, cover for Financial Losses due to e-Crime and Breach Response Support. The First Party cover corporate clients for business interruption loss from security breach or system failure, cyber extortion loss, data recovery loss, and network liability. 

“Moreover, the cover also provides protection for Third Party Liability and legal liability which covers Media Liability, Regulatory Fines/Penalties and Payment Card Liability with adjoining associated legal defense costs. Most importantly in the event of an incident or loss, our local and international dedicated team of cyber professionals will provide you with legal services, computer forensic services, notification services to parties, call center services, credit monitoring, Identity monitoring, loss prevention solutions, public relations, and crisis management expenses.” added Mr. Manoj.

Emlyn Hoods, Group Head of Specialty Lines stated: “We are delighted and privileged as Bahrain Kuwait Insurance Company and as Gulf Insurance Group to offer a first-rate SME Cyber Insurance Product to our partners and clients in Bahrain and the wider MENA region. Our offering not only meets the needs and demands of the risk exposures faced by our commercial clients; particularly in Bahrain our SME Cyber Insurance product aims to satisfy regulatory compliance too.

In addition to our SME Cyber Insurance Product, Gulf Insurance Group have partnered with Cyber Security leaders in their respective fields to offer world class pre-breach resources and crisis management response supporting our clients every step of the way from risk management to risk transfer. I have no doubt that BKIC will be a market leader as the demand for Cyber protection grows matched by our colleague’s enviable reputation for their solid technical knowledge and professionalism.”

Bahrain Kuwait Insurance Company (B.S.C.) (BKIC) as the first insurance company in Bahrain to have been interactively rated by an independent international rating agency and currently enjoys A- (Excellent) rating of A M Best; transacting all classes of general insurance, the major categories being Fire, General Accident, Engineering, Marine Cargo, Motor, Group Life and Health.