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NAICOM, NITDA to institutionalise cyber insurance in Nigeria

From Uche Usim, Abuja

With the rapid digitalization of the global economy, the National Information Technology Development Agency (NITDA) and the National Insurance Commission (NAICOM) are collaborating to institutionalise cyber insurance in Nigeria.

To this end, the NITDA Director General, Kashifu Inuwa Abdullahi, on Tuesday, paid a courtesy visit to the Commissioner for Insurance and NAICOM CEO, Olorundare Sunday Thomas to immediately initiate the process and work out modalities on fortifying Nigeria’s digital ecosystem.

The meeting x-rayed the benefits of cyber insurance in view of the complexities of the digital world.

It was agreed that an insured cyber ecosystem would incentivize more people to become digital savvy, especially now that Nigeria government is investing in the digital economy.

It was also emphasized that the institutionalization of cyber insurance would play a pivotal role in enhancing the resilience of Nigeria’s digital infrastructure.

As the country continues to witness an exponential growth in digital transformation, safeguarding against cyber risks and ensuring the protection of critical data has become a paramount concern.

During the discussions, the NITDA and NAICOM teams explored the multifaceted benefits that cyber insurance can offer, including mitigating financial losses associated with cyberattacks, facilitating speedy recovery from security breaches, and fostering a culture of risk awareness and management in the digital space.

Both agencies acknowledged the pressing need to enhance cybersecurity measures and provide a comprehensive framework to address potential threats and vulnerabilities in Nigeria’s rapidly evolving digital landscape.

Furthermore, the collaborative efforts between NITDA and NAICOM aim to create an enabling environment for the development of the cyber insurance market in Nigeria. By establishing a robust regulatory framework, encouraging innovation, and fostering public-private partnerships, the agencies seek to stimulate the growth of cyber insurance offerings, thereby providing individuals, businesses, and organizations with the necessary tools to manage cyber risks effectively.

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