One Major Latent Opportunity in Nigeria’s Insurance Sector

According to Quartz, the recent rise of sophisticated ransomware gangs is scrambling the cyber insurance business model. Existing premiums haven’t been enough to cover losses, so insurers are hiking premiums at a fast clip. According to data, ransomware attacks were responsible for all of the growth in US cyber insurance claims last year, and now account for 75% of all cyber claims. In other words, cyber insurers are now almost entirely dedicated to covering one type of risk—ransomware—that barely existed five years ago!

DarkSide is not a unit of Russia’s intelligence services, and there’s no evidence that it is funded or directed by the Kremlin. Instead, DarkSide is a private, for-profit criminal organization that operates under the benign neglect of Russian authorities.

If one takes it to a place like Nigeria, there could be a latent opportunity therein. Sure, the cyberspace sector in Nigeria may not have developed as we have in the US (excluding banking and broad financial services), but the opportunity remains as covid-19-facilitated digitization continues.

Building a business for this redesign would be a win.

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