Allianz Nigeria holds webinar on Cyber Attacks: A Case for Cyber Insurance

Since COVID-19, the US FBI reported a 300% increase in reported cybercrimes.

As if the pandemic in itself wasn't devastating enough, hackers leveraged the opportunity to attack vulnerable networks as office work moved to personal modes.

In a bid to create awareness on this and educate business owners to safely mitigate these risks, a webinar conference which featured four seasoned speakers  was held 6th August, 2020 and the topic of focus was "The ever increasing impact of Cyberattacks".

Among other highlights from the speakers was the need for organisations to focus not only on cyber security but more on cyber resilience. This entails a fusion of information security and business continuity strategies. In other words, cyber resilience it is the ability of an organisation to  withstand attacks or failures and in such instances re-establish itself quickly back to operational mode.

To achieve this, a seven fold approach which includes being strategic, building capacity, strengthening the process, automate inform and transform, measure and monitor, cyber insurance and collaboration was recommended.

In an era of unprecedented security risks, companies should determine more pragmatically how they intend to curb the risks and build capacity termed as "human fire wall".  Organisations should create awareness internally, train and educate staff members as a way to minimize the ability of intruders to compromise their information security.

Organisations also need to strengthen their cybersecurity posture across every level. Every layer of access down to the seemingly unnecessary layer should be tightened as way to discourage attackers.

In another related remark, organisations need to conduct regular analysis to determine their level of exposure and strengths. Cyber attacks as it stands is dynamic , companies stand a risk of being vulnerable either accidentally or deliberately through it's people,  processes or technology adopted.

The impact of a cyber attack cannot be over emphasised as it causes reputational damage to the organisation, financial loss, delayed or business interruption cost and incident response cost.

As a measure to mitigate Cyber risks is the rising need for cyber insurance. Companies should begin to incorporate this as a cardinal part of their strategic objectives.

In summary, purchasing a coverage for cyber insurance should be the bane of every forward looking business; as the coverage caters to business interruption cost, fines or regulatory cost incurred, training of staff in handling questions from clients and managing information sent to the public. It's not enough to have a tight cyber security, what is gold in this new era is cyber resilience - the ability to quickly bounce back after an attack, which is guaranteed with a cyber-insurance coverage.