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Cyber Defenses and Cyber Insurance: A Holistic Approach to Cyber Risk Management

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By: Chester Wisniewski, Director Global Field CTO

The landscape of cyber threats has significantly expanded in terms of volume, complexity, and impact of attacks over the past few years. Consequently, regardless of their size, industry, or geographic location, the vast majority of companies prioritize protection against these threats and primarily strive to implement robust cyber defense measures to counteract them.

However, given the difficulty of preventing and anticipating all current and future forms of threats, especially the methods attackers use to bypass defenses and introduce ransomware into a system, organizations worldwide also tend to adopt cyber insurance policies to safeguard their operations in the event of a successful intrusion. According to a study conducted in early 2023, 91% of global companies have some form of cyber insurance.” 

If 47% of companies declare having subscribed to an independent insurance policy, and 43% have opted for insurance integrated into broader coverage, independent and integrated cyber policies are the two main types in the market. It is crucial for companies to choose coverage that aligns with their specific needs and risks, ensuring the best possible protection for their data and operations.

Before subscribing to insurance, conducting an audit of existing solutions is essential, questioning whether they benefit from top-notch first-line cybersecurity protection. Indeed, this can impact their access to cyber insurance and the selection of a policy that best suits their particular needs.

The quality of cyber defenses significantly influences corporate coverage. First-line cybersecurity measures can notably affect the adoption and choice of a cyber insurance policy for companies. According to the aforementioned study, 95% of respondents specifically cite that the quality of implemented cyber defenses has a direct impact on the insurance they subscribe to, affecting both the cost and terms of the policy, ensuring access to the coverage that suits them best.”

“According to the study, 60% of organizations with cyber insurance state that the quality of their existing defenses influenced their ability to secure coverage. Furthermore, 62% mention its impact on the policy’s cost, and 28% note its effect on insurance contract terms. Ensuring the most comprehensive and robust protection layer is essential to save money and select insurance that best meets the business’s requirements.

Interestingly, cybersecurity measures play a more significant role in obtaining independent cyber insurance compared to integrated coverage. 71% of those with independent policies note that the quality of their protection influenced their coverage, while only 49% of those with integrated policies believe it impacted their ability to contract cyber insurance. Conversely, the performance of security measures has a greater influence on the cost of integrated policies (67%) than independent insurance (58%).

Therefore, companies should prioritize assessing the effectiveness and robustness of their cybersecurity solutions before seeking cyber insurance tailored to their needs. This approach enables them to select the most appropriate policy and negotiate favorable costs and terms.”

“The importance of cyber insurance in protecting against ransomware

The primary threat facing businesses today has a name: ransomware. This type of malicious software, designed to encrypt and steal organizational data, followed by a ransom demand, has become the top concern for Chief Information Security Officers (CISOs) in recent years.

Given that its introduction into a system can result from highly varied, often unpredictable, and constantly evolving tactics, techniques, and procedures (TTP), it is impossible to guarantee that a company will not experience a successful intrusion. Hence, it is crucial for organizations to have, in addition to traditional cybersecurity solutions, a tailored cyber insurance policy that allows them to protect against data encryption, theft, or deletion.

In the event of data encryption, companies with the support and assistance of their insurer during the data recovery process, and those who, to qualify for insurance, have implemented enhanced security measures such as secure backups or incident response plans, are more likely to recover their encrypted data. According to the study, 98% of those with independent cyber insurance successfully restored their encrypted data, compared to 97% for those with integrated coverage, and only 84% for those without insurance.

It’s worth highlighting that beneficiaries of cyber insurance are more inclined to pay the ransom to retrieve their data. Thus, 58% of independent policyholders who fell victim. 

“In conclusion, while cyber insurance is now an essential element of business protection, it is inseparable from the quality of solutions and security measures taken to safeguard information systems and organizational data. It is crucial for global stakeholders, regardless of their industry, to ensure they have the most comprehensive, robust, and effective first-line protection to best guard against ransomware attacks and all other types of threats.

It’s also noteworthy that some managed cybersecurity solution providers offer complementary insurance guarantees in the event of a successful attack to further strengthen business protection. These aspects only reinforce the quasi-symbiotic relationship between cyber insurance and cybersecurity solutions.”


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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10 Ways to Slash Rising Electricity Costs

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Across Africa, the cost of electricity is on the rise. Compounded by inflation and other economic pressures, this puts additional strain on consumers


“With households already feeling the pinch, proactive measures to manage energy usage are essential to not only save money, but electricity too,” says Dr Andrew Dickson, Engineering Executive at CBI-electric: low voltage.

Below, he shares 10 ways that people can do this by using smart home technologies to monitor, control and automate electrical appliances:

  1. Knowledge is power: Understanding how much electricity your most commonly used appliances consume is the first step towards more efficient energy use. Many smart home technologies can track energy consumption, helping to pinpoint areas where you might be able to save.
  2. Keep loads low: The load management capabilities of some home automation systems can help users ensure that only one heavy load-consuming appliance is switched on at any given moment, thereby ensuring optimal energy distribution.
  3. Set limits: Users can specify the operating duration of appliances, like running the geyser for two hours to save electricity while also ensuring a hot bath.
  4. Schedule appliance switch-on: Many regions have peak and off-peak hours when electricity costs more. Smart tech can help consumers schedule appliances to run during off-peak times whenever possible to save money. This can be done at specific times and on particular days.
  5. Curb consumption in colder months: Electricity is more expensive during winter due to the high demand that results from using heaters, electric blankets and underfloor heating to keep cosy. Smart home devices could be used to determine when these appliances switch on as well as for how long. And while it can be hard to get out of bed on those icy winter mornings, a timer could be set to switch on a heater so that your bedroom is warm even before you wake up.
  6. Environmental intelligence: Many of these technologies can react to environmental conditions such as weather or the setting and rising of the sun, enabling them to automatically switch specific loads on or off under these conditions. So, if a rainy day is detected for instance, your irrigation system can be preprogrammed to not switch on. This not only saves electricity, but water too, which can lower the total of your bill.
  7. Remote control: Worried you left a device switched on? Smart home technologies allow users to turn connected appliances off from their smartphone and/or tablet from anywhere in the world. You can also use this capability to switch items on. To illustrate, you could turn your lights on before you get home from work in the evening.
  8. Don’t just standby: When in standby mode, electronic goods like microwaves, computers, televisions, coffee machines, gaming consoles and even garage door openers can consume more electricity than when they are in use as they are only active for relatively short periods. While the obvious solution would be to unplug all non-essential appliances when inactive, smart home tech lets users switch off any items that are pulling power unnecessarily.
  9. Incorporate renewable energy sources: With the adoption of rooftop solar steadily increasing across the African continent, smart home technology enables the effortless integration of these alternative power sources. For instance, the tech could be used to connect and disconnect from the grid as well as to ensure that the power produced by solar PV systems is used effectively and efficiently.
  10. Avoid additional expenses: To protect appliances from voltage fluctuations that could result from power outages, users can set a minimum and maximum ‘safe operating voltage range’. If the voltage is unstable, the technology will monitor voltage levels and only allow power to the appliance once this is within a safe operating range.

“Contrary to popular belief, homeowners won’t need to rewire their homes to enjoy the benefits of smart home technologies. Devices like smart plugs, isolators and controllers can easily be installed by an electrician without the need for additional wiring or hubs,” points out Dr Dickson.

He concludes by saying, “With the cost of living set to increase over 2024, now is the time for Africans to put the power in their hands and save in areas that they can control.”


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5 things SMBs should look for when considering business apps

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By Kehinde Ogundare, Country Head – Nigeria, Zoho Corp.

Small and medium-sized businesses (SMBs) are the lifeblood of the Nigerian economy. According to figures released last year by the International Labour Organisation (ILO), SMBs account for around 48% of Nigeria’s GDP. Additionally, they account for 96% of all businesses and 84% of employment.

To reach their full potential, SMBs must leverage effective business-enabling technology, including solutions for CX, finance, HR and employee productivity. However, it’s important to remember that not every business app is equal. It is essential for businesses to carefully select the apps they utilise, whether opting for a mix of best-of-breed solutions from various vendors or choosing to deploy a unified suite from a single vendor who offers end-to-end business solutions for all needs.

While there are no universal rules for what kind of app will suit a company best, there are a few guidelines that businesses can consider to ensure that they choose apps that are best suited to their business needs.

  1. The app should have a single source of truth (to avoid data silos)

Even small businesses have data accruing from a variety of sources. This data can be incredibly valuable, helping the business make decisions about where it’s performing best and which areas it needs to work on. However, that can only happen if the app (or suite of apps) provides a single source of truth (SSOT). An SSOT aggregates data from across the organisation to a single location. This allows the business to make decisions based on a consolidated view of what’s happening across departments rather than trying to pick through individual data silos.

  1. Check how well the solution scales

The goal of any business is to grow, and ideally, the chosen apps should evolve alongside it. However, many of the solutions marketed to SMBs lack scalability. Scalability isn’t just about adaptable pricing tiers; it also means that they should have a demonstrable track record of working with businesses of various sizes and providing them with the offerings they need to facilitate their growth.

  1. Security

If you’re a small business, you might think that security doesn’t need to be a major concern. After all, how much value is a cyber-criminal going to get out of your business? But it’s high time SMBs prioritise cybersecurity. To understand why, you only need to look at the fact that Nigerian SMEs are among the biggest targets of cybercrime. The breaches that result from this criminal activity don’t just have a financial cost attached to them but can also do massive reputational damage, something which no small business can afford to bear. This is why it’s paramount to ensure that the app chosen complies with local data protection guidelines or regulations and will protect the data of the customers who trust you with their information.

  1. Ease of use

If you’re running an SMB, it’s likely your team is small but wears many hats. Hence, it’s vital to ensure that any business app or suite of apps you select is user-friendly, especially for non-technical staff. Opting for easy-to-use apps has long-term benefits. As your business expands, seamless onboarding becomes crucial. The right app(s) significantly reduce training needs, enabling new employees to be productive team members from day one.

  1. Customer support

Regardless of how easy an app is to use, there will be occasions when additional support is needed. The app provider should ensure support for customer businesses across a diverse range of channels for their convenience. From onboarding new customers to attending to queries, businesses should also evaluate how effective the vendor is with post-sales support.

Always aim for integration

Beyond the level of strategic impact that an app or a platform can bring to your business, another aspect to consider is how well the chosen app can integrate into your existing tech ecosystem. Ideally, the app should be built to accommodate integration, capability extension, and customisation needs in order to truly serve a business’ needs. When the app ticks the checklist discussed above, the ROI it can provide your business can be multifold.


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Multichoice Ignores Court Order, Implements Hike of DStv and GOtv Subscriptions

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Multichoice Limited has proceeded to increase packages price for DStv and GOtv as announce on Wednesday last week.

Multichoice Ignores Court Order, Implements Hike of DStv and GOtv Subscriptions

This is despite the order by Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja, restraining the pay tv company from increasing its tariffs and cost of products and services.

Recall that on April 24, the company announced that it would increase its price for its DStv and GOtv cable services, beginning from on May 1.

But CCPT in Abuja ruled that the firm should not increase its prices as scheduled.

The three-member tribunal, presided over by Saratu Shafii, gave the interim order on Monday following an ex-parte motion moved by Ejiro Awaritoma, counsel for Festus Onifade, the applicant.

In a ruling, the tribunal restrained multi-choice from going ahead with the impending price increase schedule to take effect from May 1, pending the hearing and determination of the motion on notice filed before it.

It also directed all parties in the suit to appear before the tribunal on May 7 at 10 a.m. for the hearing and determination of the motion on notice.

The petitioner had dragged Multichoice Nigeria Ltd and the Federal Competition and Consumer Protection Commission (FCCPC) before the tribunal.

In the suit filed on April 29, Onifade, also a legal practitioner, sought two orders.

These include, “an order of interim injunction of this honourable tribunal restraining the 1st defendant whether by themselves, her privies, assigns by whatsoever name called from going ahead with impending price increase schedule to take effect from 1st May 2024, pending the hearing and determination of the motion on notice.

“An order restraining the 1st defendant from taking any step(s) that may negatively affect the rights of the claimant and other consumers in respect of the suit pending the hearing and determination of the motion on notice.”

The company had, on April 1, 2022, hiked the prices of all its packages..

Despite the court ruling, a check by this medium revealed that the South African firm has gone ahead with the tariff increase as earlier proposed.

On its official website, the new prices are now being displayed and implemented.

For DStv Premium subscribers, the price has moved from N29,500 to N37,000. Also, the price for

Compact rate has moved from N12,500 to 15,700 while Confam and Yanga subscribers will now pay N9,300 and N5,100 respectively from their previous rates of N7,400 and N4,200.

Similarly, GOtv subscribers will pay the new tariff increase as the prices have also changed on their official websites.

The elite subscribers (Supa+ and Supa) will now pay N15,700 and N9,600 respectively as against the previous rates of N12,500 and N7,600 before.

In addition, the Max and Jolli subscribers are now expected to pay N7,200 and N4,850 respectively. The former rates were N5,700 and N3,950.

However, on average, Multichoice increased the prices by 25%.


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