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“insurance For Cultural Events: Safeguarding Europe’s Artistic Heritage” – Insurance industry stakeholders have emphasized the need for a robust cyber insurance market to protect businesses from risks associated with the use of digital technologies.

They say this is important because the digital space is very vulnerable to hacker attacks and security breaches, many organizations rely on digital technologies for exposure and operations, as well as the need for security.

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This will increase trust in insurance services and increase insurance coverage and adoption as government agencies look for ways to strengthen the digital ecosystem.

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Despite the adoption rates in other countries and ample room for growth, the low level of insurance in the Nigerian market remains a major challenge for stakeholders in the industry.

Cyber ​​insurance is a product that helps businesses reduce the risk of cyber crimes such as cyber attacks and data breaches. It protects organizations from Internet-specific risks that affect IT infrastructure, data management and data policies that are often not covered by business liability policies and traditional insurance products. Cyber ​​insurance comes as an opportunity to turn low adoption awareness into widespread adoption and work to enable businesses to purchase insurance against physical risks and natural disasters. It covers the losses caused to the organization due to cyber attacks.

Cyber ​​insurance is critical for both private and public sector organizations as the threat of cyber attacks on applications, devices, networks and users increases. Because a compromise, loss or theft of data can have a significant impact on a business, from losing customers to losing reputation and revenue.

Organizations may also be liable for damages caused by third-party data loss or theft. A cyber insurance policy can help protect an organization from cyber risks, including acts of cyber terrorism, and mitigate security issues. Only if the industry stakeholders come together with the private and public sector bodies can it be seen as a new driver of premium income to boost the annual financial performance of insurance companies.

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Failure to adequately address exposure to cyber risks is generally considered one of the major obstacles to the development of the cyber insurance market in Nigeria to build consensus on how the various stakeholders can contribute to address the key challenges of market development.

Recently, Bituah Leumi (NAICOM) and the National Information Technology Development Agency (NITDA) formed a partnership to institutionalize cyber insurance, the Commissioner for Insurance, Sunday Thomas, in a humble call to initiate the process and develop ways to strengthen Nigeria. Digital environment. At the conference, he highlighted the benefits of cyber insurance with the complexity of the digital world.

The conference agreed that a secure cyber ecosystem will encourage more people to become digital professionals, especially now that we are investing heavily in the digital economy. It is also believed that the institutionalization of cyber insurance will play a key role in improving the resilience of Nigeria’s digital infrastructure.

At a time when the country is witnessing significant growth in digital transformation, it is important to protect against cyber threats and protect critical data.

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In their discussion, both groups discussed the many benefits that cyber insurance can provide; These include reducing financial losses associated with cyber-attacks, recovering quickly from security breaches, and enhancing security awareness and governance culture in the digital space.

Both agencies recognize the need to improve cyber security measures and provide a comprehensive framework to address potential threats and vulnerabilities in Nigeria’s rapidly evolving digital landscape. It is also a joint effort between the two to create an enabling environment for the growth of the cyber insurance market in Nigeria. By creating a strong regulatory framework, fostering innovation and fostering public-private collaboration, the two agencies will encourage the growth of cyber insurance and provide individuals, businesses and organizations with the tools they need to effectively manage cyber risks.

Unfortunately, the approach that attempted to cover all costs and expenses as a result of the breach failed. Some say that cyber insurance became an insurance product line that was widely used by Nigerians 25 years ago to cover liability in the event of a data breach, despite the fact that most of the world’s population is online. Ignore cyber insurance.

Despite the industry’s recognition of the global importance of insurance, many people don’t think about how to protect their personal life, business or career. According to Fitch Ratings, the global cyber insurance market will surpass $28 billion by 2026.

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According to the study, Nigeria still lags behind the rest of the world in enforcing privacy and security laws for businesses, with attacks affecting small, medium and large businesses across the country.

According to industry watchdog Alliance Nigeria, only 51 percent of Nigerian businesses believe their security teams are performing this task, and 71 percent of businesses have increased their exposure since the onset of Covid-19 in 2020. Money laundering tops the list.

Industry observers estimate that cyber fraud causes losses of more than $127 billion annually, or about 10 percent of Nigeria’s gross domestic product, and cyber insurance does not cover these losses. With a growing number of tech start-ups and companies in Nigeria, stakeholders, insurance regulators and IT experts gathered at a forum last week to say Nigerian businesses should not profit from cyber-attacks.