Corporate organisations, institutions, individuals and not-for-profit organisations have been told to take deliberate measures to protect their database and computer networks from attacks by hackers.
Mr Uzodinma Ibe of the Casualty & Liability Underwriting, General Insurance, Leadway Assurance Ltd have the advice during a Virtual training workshop organized by Leadway Assurance for Insurance journalists.
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He spoke on the topic: “Understanding Cyber Insurance.”
“In order to avoid cyber-attacks on our computer networks, which sometimes resulted in data and financial losses, there is a need for enterprises, individuals, corporate organisations, to see it as a serious business and take up some form of cyber mitigating effort in this regard,” he said.
He said with increased online and internet connectivity becoming part of our day to day business, as a result of the COVID-19 pandemic, there is a need for protection against cyber-attacks.
“Leadway through its research has been able to identify a particular area of cyber exposure where corporate entities can find themselves and see how we can do proper risk management and provide a specific insurance product that can help them mitigate such exposures through Cyber Risk Management Insurance, which in some quarters called Cyber Liability Insurance and in some, Cyber Risk Management Insurance.”
“We have been able to highlight that technology, social media and transactions over the internet (cyber platforms) play a key role in how most organisations conduct business and reach out to prospective customers today. These vehicles have gateways – platforms, integrations that cyber attackers often use” he said.