Allianz Moves To Protect Insurance From Cyber Attack

Yemisi Izuora

Allianz Nigeria has taken commendable steps to protect the insurance industry from rising cyber attacks.

The firm on this note has carried out a sensitisation exercise to help businesses mitigate guard against cyber risks.

The company recently featured four industry experts in an interactive webinar titled: ‘The Ever Increasing Impact of Cyber Attacks: A case for Cyber Insurance.’

During the online forum, it was learnt that 71 per cent of security professionals had reported an increase in security threats or attacks since the start of the virus.

The experts identified cyber risk trends likely to affect organisations to include Phishing (55%), malicious websites (32), malware 28 per cent, and ransomware (19%).

They also highlighted 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 is the ability of an organisation to withstand attacks or failures and in such instance 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.

Speakers at the session noted that in an era of unprecedented security risks, companies should determine more pragmatically how they intend to curb these risks and build capacity termed as “human fire wall”.

It was also pointed out that organisations should create awareness internally, train and educate staff members as a way to minimise the ability of intruders to compromise their information security.

Organisations were also advised to strengthen their cyber security posture across all levels and that layer of access down to the seemingly unnecessary layer should be tightened as a way to discourage attackers.

In addition, organisations were also advised on the need to conduct regular analysis so as to determine the level of exposure and strength. The speakers noted that cyber-attacks as it stands is dynamic and companies stand a risk of being vulnerable either accidentally or deliberately through its people, processes or the type of technology adopted.

On how to mitigate the risk of cyber-attacks, Senior Cyber and Liability Underwriter at Allianz Global & Corporate Specialty, South Africa, Santho Mohapeloa, emphasised the need for insurance and the importance of complying with Cyber Best Practices in preventing and mitigating losses.

Santho, noted that the nature of cyber insurance coverage provided by Allianz for Africa under the headings First party (i.e. claims made by the insured), Third party cover (claims against the insured by a third party) and enforcement body cover (claims against the insured by a regulatory body)

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