• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Saturday, July 12, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Africa’s Exposure To Cyber Crime Gaining Attention

Nwanne Ikemefune by Nwanne Ikemefune
December 18, 2020
in Insurance
0 0
0
Africa’s Exposure To Cyber Crime Gaining Attention

Mr. Nico Conradie Munich Re Africa

0
SHARES
98
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The growing threat of cyber crime frequency and severity across the developed world has not put Africa on the excluded list, rather, the threat is gradually gaining notoriety with a few incidences reported.

The chief executive officer, Munich Re Africa, Nico Conradie, at a recent webinar hosted by Coronation Insurance in Lagos, tagged “Managing Risks That Keeps CEOs Up At Night,” the insurer used the webinar to present the bancassurance partnership between Coronation and Access Bank. While reflecting on the topic, Conradie said: “In our digital connected mobile world, cyber risks is deserving of some sleepless nights.”

Conradie said the continent is at the risk of cyber crime and like other parts of the world, it’s exposed and vulnerable. For example, he said the South Africa judiciary was hacked recently and months earlier, several insurance companies had to make embarrassing statements about being hacked. This he said, proved that insurance and banks are not immune to such acts. He reiterated that the bottom line remains that if we do business in Africa, we are exposed to cyber crime just as anywhere else in the world.

Munich Re Africa top man said, the first approach to cyber risk is to identify, quantify, monitor and then try to mitigate it. He said the first thing a good company should do in order to mitigate cyber risk, is to set up firewalls and anti virus programme and phishing devices and the IT drivers that can be brought in to reduce cyber risks; because employees themselves are guardians against cyber risk. Besides, he said these employees play the role of front line officers in mitigating phishing and other cyber events.

With all these measures in place, Conradie said it’s still not possible to mitigate all cyber risks, “There will be always some residual risks. And for that it is also important to consider cyber insurance,” he advised.

With a zoom view of the rolling sequence of cyber threats, the Munich Re Africa chief said: “Cyber insurance market globally is a fast growing market. We believe in fact it could become one of the largest lines of business in the future. It’s of course highly specialised and complex.” Other skills that should be acquired to be ahead of the thieves he said, are also of immense value. “One has to be very much aware of how cyber events unfold; what hackers are up to and also guard against accumulation of events taking place.

“Cyber insurance is not all about paying money to a policyholder. If my computer is impacted by a virus and my data is wiped out; the last thing I need is a cheque from the insurance company. What I actually need is a new computer with my data restored which is in full working mood again,” he said

He therefore, gives an insight to what a cyber insurance cover should be. A good cyber insurance and reinsurance he explained, should assist policyholders in the management of the overall cyber incident. “It means dealing with public relations issues. It means dealing with legal persons, it means cleansing up the ransom that was installed illegally. It means reconstituting data, installing new protection software. It means bringing back the company where it was before the event.”

Cyber insurance according to him is a broadband that tries as much as possible to reach all sections of issues involved. He believes that a certain level of expertise is required and market knowledge and its dynamics. “It’s just like providing a motor insurance policy plus a toying truck, an ambulance plus a doctor to make sure that the client is in good shape after the incident. It is not just about paying a cheque to the person that was injured in the car accident.”

Conradie also said regulators have a role to play in putting in place specific regimes to manage privacy and also create a regulatory environment that fits into cyber protection.

Speaking in another related matter, Key macro economic risks and how they impact our economy, Bode Agusto, former founding managing director, Agusto & Co, and currently independent researcher/consultant, said the incidents of threats to data security in the environment is ticking up. “We have situations in the world today where people are hacking into computer systems to steal data that are private to individuals and businesses. This is a high risk in our environment and we should look for ways for mitigating these risks.”

Previous Post

Image Spin: Sovereign Trust Welcomes CIIN, PenCom Board Gets Into Action

Next Post

Brick-By-Brick, Order To Influence Insurance Legislation Process

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come
Insurance

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 10, 2025
NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB
Insurance

NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

July 9, 2025
SanlamAllianz Raises Ceiling For Brokers Event Sponsorship
Insurance

SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

July 9, 2025
Next Post
Brick-By-Brick, Order To Influence Insurance Legislation Process

Brick-By-Brick, Order To Influence Insurance Legislation Process

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

July 10, 2025
Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 10, 2025
NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

July 9, 2025
SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

July 9, 2025
Fola Daniel To Chair NAIPE Conference Set For October 8th

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

July 3, 2025
Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

July 2, 2025
Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

July 12, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Nigeria’s Future Gets Insurers Paramount Appeal, Flaunt Bourgeoning Effectiveness And Reliability

June 30, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

July 1, 2025
ADVERTISEMENT

Recent News

PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

July 10, 2025
Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 10, 2025
NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

NHIA Entrenches Enrollees Rights, Expands National Health Insurance Cover to HIV, TB

July 9, 2025
SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

SanlamAllianz Raises Ceiling For Brokers Event Sponsorship

July 9, 2025
Fola Daniel To Chair NAIPE Conference Set For October 8th

Universal Insurance, NHIA, PTAD, Rite Foods, Sponsor NAIPE 2025 AGM

July 3, 2025
Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

Merger: NAICOM Hands Over New Licenses to SanlamAllianz Life and General Insurance

July 2, 2025
Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

Leadway Health HMO Establishes a Trend With Third Straight HMO of the Year Award

July 1, 2025
Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

Image Spin: Insurance Professionals Spill Insurance Potentials to Secondary Schools And Undergraduates

July 12, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Nigeria’s Future Gets Insurers Paramount Appeal, Flaunt Bourgeoning Effectiveness And Reliability

June 30, 2025
Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

Image Spin: Insurance Market Takes The Veil Off, Projects All Risks Commitment, Necessity For Today And Future

July 1, 2025
Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

Insurers Improve Performance by 56%, Rake in N1.56tr in 2024, Commitment to Claimants Hit N622bn

June 30, 2025
Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

Prof. Bart Nnaji to Chair 2025 Oriental News Nigeria Summit

June 26, 2025
Investment: Insurance Leads, Soars Globally Where Volatility Downgrades Other Financial Systems

Investment: Insurance Leads, Soars Globally Where Volatility Downgrades Other Financial Systems

July 6, 2025
The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

The Gambia Central Bank Studies NAICOM Regulation For Insurance Regulatory Upgrade

June 23, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

PTAD Deploys Effective Means to Offer Life Promise to Pensioners Without Tears to Senior Citizens

July 10, 2025
Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

Universal Insurance Plc Earns N15.25bn in 2024, Profit Hits N2.8 bn, Q1 Suggests More to Come

July 10, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In