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Government agencies identify benefits of insurance cover for losses from cybercrime | #cybercrime | #infosec


Government agencies identify benefits of insurance cover for losses from cybercrime

Cyber insurance (Image credit: Freepik)

Article Summary

  • The National Insurance Commission (NAICOM) and the National Information Technology Development Agency (NITDA) are partnering to activate the process of institutionalizing cyber insurance.
  • An insured cyber ecosystem would incentivize more people to become digitally savvy
  • One of the benefits of cyber insurance is mitigating financial losses associated with cyberattacks

The National Insurance Commission (NAICOM) and the National Information Technology Development Agency (NITDA) have joined forces to initiate the process of formalizing cyber insurance, as stated in a press release by NAICOM in Abuja.

One of the goals of the partnership is to strengthen the digital landscape in the country.

Cyber insurance policies assist organizations in covering financial losses resulting from cyberattacks or data breaches. They also help with expenses related to remediation, such as investigation costs, crisis communication, legal services, and customer refunds.

NAICOM highlighted the significant benefits to the nation and the agreement between the two agencies to collaborate and ensure the realization of these benefits. This agreement was reached during a visit by NITDA’s Director General, Mr Kashifu Abdullahi, to the Commissioner for Insurance, Mr Sunday Thomas.

Harnessing the Advantages of cyber insurance

As Nigeria undergoes rapid digital transformation, safeguarding against cyber risks and protecting critical data has become a top priority.

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During the meeting, the parties discussed the advantages of cyber insurance in light of the complexities of the digital world. They agreed that an insured cyber ecosystem would encourage greater digital literacy, particularly as the Nigerian government invests in the digital economy.

It was also emphasized that institutionalizing cyber insurance would play a crucial role in strengthening Nigeria’s digital infrastructure.

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The NITDA and NAICOM teams explored the multifaceted benefits of cyber insurance, including mitigating financial losses from cyberattacks, facilitating quick recovery from security breaches, and fostering risk awareness and management in the digital space.

Both agencies acknowledged the urgent need to enhance cybersecurity measures and establish a comprehensive framework to address potential threats and vulnerabilities in Nigeria’s evolving digital landscape.

Moreover, their collaborative efforts aim to create an environment conducive to the development of the cyber insurance market. By establishing robust regulations, encouraging innovation, and fostering public-private partnerships, NITDA and NAICOM seek to stimulate the growth of cyber insurance offerings.

This will equip individuals, businesses, and organizations with effective tools to manage cyber risks.



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