The global cyber risks is not having bystanders but every market across the globe is active and involved as the threat is not making a diagonal pass over any market. No matter the stage of development of any insurance market they are all exposed to different dimensions of cyber risks.
The Chairman, Nigerian Insurers Association, Mr. Olusegun Omosehin succinctly described the Nigerian situation at recent media briefing at the NIA House, Victoria Island, Lagos, “These are emerging risks that are very much with us as an industry. Almost all the insurance insurance companies in Nigeria have moved to the technology platform. The moment your platform is technology it means you are exposed.”
Since threat begins from the ‘moment’ a company goes techie Omosehin said companies have to come up with cyber security arrangements that could protect depending on the advise of the vendor used.
Bare and precise Omosehin said cyber risks are real and insurance companies are not only placing their operations on secure cyber lane the threats notwithstanding but are also in business providing covers and in certain instances specialty cyber offering for certain customers as the local capacity demands.
“As an industry we provide some level of protection for businesses that are in the market. Some of the capacity are not 100% available locally, so those are done by way of reinsurance. By the nature of our business, once its appropriately priced you get reinsurance backing for those risks; whether there are ceded 100% or by any percentage is dependant on the appetite of the underwriter to such risks. But there is heavy appetite for it in the market. Some of them are backed by foreign reinsurers like Swiss Re, Munich Re and the London market they are quite big. The risk is available and cover is very much available which I am aware of. To us as an industry we are exposed and we are managing the risk,” he stated.
