Leadway Assurance advocates cybersecurity awareness amidst increasing digital risk

Leadway Assurance Company Limited, has advocated for cybersecurity awareness among businesses in order to curtail the rising cyber-risks in local and international businesses, as well as the various ways to mitigate the threats and attacks.

The company stated this when it played host to global industry leaders and subject matter experts to an online discourse to deliberate on the rising cyber-risks in local and international businesses.

The webinar, moderated by Editor, Commercial Risk Africa, Liz Booth, featured Director-General, National Information Technology Development Agency (NITDA), Inuwa Kashifu Abdullahi, Partner, Technology Advisory Services, KPMG Nigeria, John Anyanwu, IT-Security expert, Africa and the Middle East, Munich Re, Tariq Fadai, Head, Cyber Risks and Technical lines, Chubb Eurasia and Africa, Gilbert Flepp,  Executive Director, General Insurance, Leadway Assurance Company Limited, Adetola Adegbayi.

Speaking during the session, John Anyawu, said: “Since the start of the pandemic, there have been increased dependency on the internet and mobile apps, and more reliance on digital channels.

“This has brought about a noticeable increase in cyber-attacks globally, and it has posed potential risks to businesses.”

Anyawu stated that every organization needed to implement prevention, detection, and responsive measures against the risks of cyber-driven attacks and fraud, adding that if organisations implemented the right cybersecurity measures, they would function with confidence regardless of the times.

Tariq Fadai explained how cyber attackers operated, while also recommending defense mechanisms organizations could adopt.

Fadai cautioned that organizations with “poor security hygiene need to change”.

He announced that with the pandemic forcing corporates to deploy remote-work conditions and routines, systems have moved to cloud services with an increasing reliance on third party services.

“There is a risk of unavailability of services due to overcrowding, and several organisations might experience data loss as well.

“Every business owner should understand and make good use of important cyber-attack controls”, he pointed out.

Gilbert Flepp while corroborating with Fadai, harped on the urgent need for organisations to institute maintenance of cyber-security protocol, endpoint detection and response tactics like implementing robust anti-Malware control and learning how to administer a disaster recovery plan.

On his part, the DG NITDA, Inuwa Kashifu Abdullahi, expressed his worriedness over the recent increase in daring cyber-attacks on businesses and individuals.

“Never before has cyber threats been the way it is today. As the world is recovering, cyber-criminals are taking advantage of the pandemic to mask their activities.

“It is important that we learn how to keep information safe, how to back up, how to secure email getaway regularly and to make sure everyone is vigilant, web-responsible and aware of emerging threats and use technology to prevent them from causing havoc,” Abdullahi added.

Adetola Adegbayi, in her remarks called on organisations to prioritise cyber-risk insurance as part of risk mitigation system against a cyber-attack, especially when business operations are delicately hinged on remote accesses.

“The shrewdness of the company’s management over the years has informed several innovations that would soothe any impending crisis in businesses and individual lives.

“Cyber-risk insurance policies have been robustly re-engineered for organizations and individuals in the face of rising cyber-attacks and fraud on businesses,” Adegbayi said.

She disclosed that the Leadway cyber-risks insurance policy is now optimised to provide first-party coverage and third-party liability risk covers on cyber-perils for organisations, while the individual policy coverage is on the verge of introduction into the market once approved by the National Insurance Commission.

Leadway Assurance is one of Nigeria’s foremost insurance service companies with a reputation for service efficiency and customer reliability. The organisation is committed to providing innovative ways to ensure that every individual and their businesses are protected.