Insurance has a HUGE promise in Nigeria, Africa
Indeed- Across all nations, there is an increased need for digitization which developing countries like Nigeria are included. However, this noble desire comes with a downside Cyberattacks.
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Earlier, a few commercial outfits have come to a standstill because of cybercriminals posing as treating.
And although few now, when the pressure for digitization increases, then the numbers would rise. This year, first was in April, Colonial Pipeline had to cough out $4.4 million in bitcoin, then, in may, Brenntag, a chemical distribution firm, had 150 Gb worth of data stolen and was required to pay $4.4million in Bitcoin. The list continues to even Kia motor, who had to settle with $20 million.
The most recent is a $70 million ransomware.
This crisis, like others, holds opportunity. And this time for the Insurance companies.
Insurance policies should cover the damages that could occur when firms are not operational.
And this, like the Endsars saga, would onboard many people because you know you are just a few strings of code to financial ruins.
Good Morning.