The Managing Director/Chief Executive Officer, of Leadway Assurance, Tunde Hassan-Odukale, has warned businesses of the rapid rise in cybersecurity risks while advising on steps to mitigate the attacks.
Speaking on incidences of cyber-attack, Hassan-Odukale noted that every organization is at risk of this menace as government agencies, non-government organizations (NGOs), and corporates have all been hit by the rising waves of cybercrime in Africa.
He said: “The evolution in digital innovations and the COVID-19 pandemic have inspired businesses, NGOs, and government agencies to adopt technology-driven operations, cloud computing, online capabilities, and the Internet of Things (IoT) to drive superior production, operational efficiencies, and service delivery. As significantly positive as these new migrations have been, they also exposed corporates and organizations to the realities of the growing activities of sophisticated cybercriminals. As recent findings indicated, enterprises with less than 200 employees lose an average of $2.5 million (over an N1billion) to cyber-attacks. These new threats have become critical financial risks to organizations.
“Recognising that cyber-attacks are significant risks to every business and organization, irrespective of size and industry, it has become a top burner for organizations to put in place a solid financial recovery plan should an exposure occur. This is what has inspired the design of the Leadway Cyber-risk Insurance Policy. While this risk management tool does not guarantee immunity from attacks, it guarantees respite by offsetting costs incurred during a cyber-related security breach, ensuring accelerated businesses recovery after being hit by these gruesome attacks,” he said.
The Leadway Cyber-risk insurance policy, backed by a team of vastly experienced cyber-security experts, provides first-party coverage and third-party liability risk cover, assuring organizations of the needed financial support as victims of cyber-attacks.