With unemployment figures spiking as the economy tumbles, many youths are resorting to cyber crimes to survive.
The worrisome development, which has attained a global dimension, has amplified calls for system fortification against cyber terrorists.
It is on this note that security experts have warned players in the insurance sector to brace for a surge in cyber attacks as more Nigerians (and others) are exploiting loopholes in the digital space to hit establishments.
Interestingly, the insurance sector has embraced technology in its operations as stakeholders (including registered brokers, agents, actuaries, loss adjusters) are deploying digital tools to improve customer experience.
Nonetheless, the digital space has come under cyber threat by fraudsters who see their attack on people and corporates’ privacy as a source of income. Daily Sun gathered that some fraudsters no longer hide their identities as some pose as consultants to hack individual or corporate accounts.
A cyber security firm in its recent threat report, revealed that ransomware attacks against small and medium enterprises (SMEs) was the biggest cyber threat to business owners in 2023.
The report titled “Cybercrime on Main Street” revealed that other threats against corporate organisations are keyloggers, lockbit, akira, blackcat, spyware, data extortion, unauthorised remote access and attackers who steal data and credentials to gain unauthorised remote access, extort victims, deploy ransomware and more. The report also analysed Initial Access Brokers (IABs) fraudsters who specialise in breaking into computer networks and into SMEs networks.
This report emphasises the need for corporate organisations to be more sophisticated and formidable in the management of data surveillance and information of both internal and external customers has became indisputably essential.
In a recent webinar organised by the West African Insurance Companies Association (WAICA), in collaboration with Organisation Eastern and Southern Africa Insurers (OESAI), Aajimatics Inc, and Canadian International Development Agency (CIDA), experts drawn from different countries in the bloc, tipped stakeholders in the insurance value chain of imminent surge in cyber attack just as the banking and the telecommunications sectors came under attack in recent years.
Also, the National Insurance Commission (NAICOM), under the leadership of the Commissioner of Insurance, Mr. Thomas Sunday, has always alerted operators to be watchful against cyber attacks, but more importantly – invest in cyber security and by extension let policyholders conscientiously imbibe and embrace cyber insurance to avert loss of fortunes.
Mr. Sunday demonstrated this in June 2023, when the management of the National Information Technology Development Agency (NITDA) led by its Director General, Kashifu Abdullahi, paid a the Commission a courtesy visit. The purpose of the visit was to activate the process of institutionalising cyber insurance to help strengthen the digital ecosystem in Nigeria. The NAICOM chief used the opportunity to reaffirm his commitment to give cyber security and insurance a top priority, as the two agencies agreed to implement the plans.
