Cyber insurance is trickling into the Nigeria insurance market and a growing number of insurers are providing capacity to softly softly accept risks as cyber threats spike across the globe.
With the future of office work irreversibly redefined, exposure to cyber risks has grown with remote working and ever growing use of the internet and people are questioning the need for people to be physically present for work to be done and this invariably spikes cyber crime as hackers converge on users of internet.
Weighing on this the immediate past chairman of Nigerian Insurers Association, Ganiyu Musa in his ultimate press briefing in Lagos said cyber threat is a growing exposure “and we are seeing a lot of interest in the market in provision of cyber insurance cover.
X-raying the level of of involvement of local insurers he said, “Right now the insurance of cyber risks is small, specialised and a number of operators are working with some providers and experts to create a platform for us to offer that.”
Musa who said his company Cornerstone Insurance is involved, noted that the protection is being offered in the market but it is still not wide spread. “I will expect a lot more going forward in that area.”
Relating the advancement in the use of internet and high tech adoption, he said it also creates cyber threats. “As you deepen technology adoption, so also is the exposure to cyber crimes and the increase in the risks and of course the increase in the need for people to cover those risks.