As a result of the growing accounts of cyber attacks the need to mitigate these attacks through Insurance Policies and ensure cyber security is urgent. In response to this Insurance Providers say they have begun work brick by brick building and developing strategies in policies to reach this need particularly in the financial sector that stands a chance of huge financial losses these cyber attacks.
According to the Executive Director, of Leadway Assurance, Adetola Adegbayi, speaking at a cyber risk seminar in Lagos on Thursday, stated that cyber risk insurance is a new area that insurers were exploring in order to provide value to their clients. She said cybercriminals are taking advantage of improved technology globally to automate their methods. Going on she explained that the attacks could be from internal sources or external sources, adding that a weak structure and control within organisations would make them susceptible to attacks.
In her words “Cyber risk insurance is relatively new and we in the insurance industry are beginning to look at it and say we must play a part in it because the risks that our customers face are changing. Clients’ demands are more and we need to meet these demands,”. She added “Risk is just for us to understand and provide the appropriate policies to cover it. Before we begin to look at the potential to the industry, we have to examine the security to the client.”
Most times she said organisations also covered up these attacks from the public in order to protect their reputation. She called on the Central Bank of Nigeria to regulations that would ensure portions of the mandatory capital reserves by Nigerian banks to be used to provide cover for cyber liabilities.
In the latest Global Threat Impact Index put out by Check Point Software Technologies Limited, Nigeria along sides four other African countries made the list of the world’s highest risk countries with Zambia as the highest ranked, Nigeria in second place then Uganda, Malawi and South African were ranked 7th, 8th and 9th, respectively.