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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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VDL International Conference Emphasizes on Fostering Ethical Values in the Society

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Stakeholders at the Values for Daily Living International (VDLI) inaugural annual conference have recommitted to continuing efforts in promoting ethical values and moral principles, inspiring positive change in individuals and communities worldwide.

Group photograph of participants

The VDLI inaugural annual conference convened by Sandra Ani, was a resounding success, bringing together students, parents, scholars, educators, and community members to engage in meaningful discussions and celebrate achievements in value-based education.

The conference, held at the at The Parliament Hall, Post Primary School Management Board, Enugu State, attracted more than 1000 participants from various sectors, including education, business, healthcare, and government online and on-site.

The theme, “Take It Back: Building Today for a Greater Tomorrow” resonated deeply with attendees and speakers alike.

Prof. Peter Ndubueze Mbah (Ph.D.), the Hon. Commissioner of Education, Enugu State, in his keynote address emphasized the importance of integrating core values into every aspect of life, from personal interactions to professional endeavors.

He highlighted the need for a collective effort in nurturing a society grounded in respect, empathy, and honesty.

Throughout the conference, participants engaged in a series of interactive workshops, panel discussions, and networking sessions.

During the panel session, discussants reiterated the role of the church, school, and home in restoring values to society was a key topic of the panel discussions.

This interactive session provided deep insights into shared responsibilities in moral value restoration.

These narratives provided a powerful reminder of the impact that integrity and compassion can have on society.

Feedback from attendees was overwhelmingly positive, with many expressing a renewed commitment to fostering values in their personal and professional lives. “This conference has reignited my passion for ethical leadership and community service,” said one participant. “I leave here today inspired and ready to make a difference.”

Sandra Ani, the convener, in her address expressed gratitude to all participants, speakers, and sponsors for their contributions to the success of the conference. “Together, we have taken a significant step towards building a more compassionate and ethical society. I am confident that the conversations and connections made here will continue to inspire positive change in our communities.”

The event served as a platform for open dialogue and interactive learning, fostering a sense of shared responsibility in nurturing moral values within the community.

Other notable speakers included Hon. Chibueze Ofobuike, the chairman of Aguata Local Government Area of Anambra State; Barr. Doris Chinedu-Okoro, CEO of Evergreen Group; and Mr. David Folaranmi, an advocate of drug abuse and addiction recovery.

Essay Competition

Highpoint of the conference includes an essay contest which focused on senior secondary school students from both government and private schools on the topic: “What are the common reasons why teenagers might be tempted to experiment with drugs, and what strategies can they employ to resist peer pressure and make healthy choices regarding substance use?”

The contest attracted over 500 entries, which were narrowed down to 100 students for the second stage, and finally, 20 students made it to the finals.

During the conference, the top 20 essay writers were invited to receive an award of excellence. The top three essay winners were each given an award plaque, a gold medal, a certificate of excellence, and a cheque of 200,000 NGN for the second runner-up, 300,000 NGN for the first runner-up, and 500,000 NGN for the overall winner.

These students came from Anambra State, Osun State, and FCT Abuja, respectively. The remaining 17 students, representing Benue State, Kwara State, Ireland, Ebonyi State, and Enugu State, were awarded a gold medal and a certificate of excellence each.

Brand Ambassadors

All top 20 essay contest finalists were appointed as brand ambassadors of VDLI. Their faces will appear on billboards in five states of the country. As ambassadors, they are expected to uphold and promote the moral values advocated by VDLI in their various environments.

Awards and Recognitions

All speakers were presented with recognition awards from the organization. The Hon. Commissioner of Education received an award for his profound impact on enhancing education; Hon. Chibueze Ofobuike was recognized for empowering youths and transforming communities; Barr. Doris Chinedu-Okoro received an award for her outstanding contribution towards advancing education; and Mr. David Folaranmi was acknowledged for his efforts in creating awareness on drug abuse and helping people overcome addiction.

Special Presentations

A notable presentation on the role of the girl child in upholding Nigeria’s values and ethics was made by Akpem Comfort Msuurshima from Jewel Model Schools, Makurdi, Benue State.

Additionally, a cultural display by students of Seat of Wisdom Secondary School, Enugu, showcased the rich cultural heritage of Nigeria.

About Values for Daily Living International Conference:

Values for Daily Living International (VDLI) is an organization dedicated to the global promotion of ethical values and moral principles. Founded in 2019, VDLI has been at the forefront of inspiring positive change in individuals of all ages. Through innovative programs, impactful initiatives, and engaging resources, VDLI strives to encourage individuals to lead more fulfilling lives, guided by morals such as honesty, integrity, and respect.

The mission is to use the teaching of values to change minds, thereby transforming lives.

VDLI’s vision is to cultivate a society deeply rooted in strong moral values, ensuring individuals contribute meaningfully to society.

The Organization emphasizes values such as Integrity, Leadership, Compassion, and Respect guide all aspects of VDLI’s work, from program development to community engagement.


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Netflix Hikes Subscription Fee by 40 Percent, Nigerians now to Pay N7,000 Per Month

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Nigerians will now be paying N7,000 per month, as video streaming platform, Netflix, has once again increased its subscription prices with its Premium Plan going up by 40 per cent to N7,000 from N5,000 per month.

Netflix Hikes Subscription Fee by 40 Percent, Nigerians now to Pay N7,000 Per Month

Recall that Netflix has been raising the rates of its Basic and Premium plans starting in October 2023 in several major areas across the world, such as the United States, the United Kingdom, and France.

The streaming platform stated earlier in April that the price of its Premium Plan in Nigeria would increase to N5,000 from N4,400.

Simultaneously, the Basic Plan stayed at N2,900, and the Standard Plan was raised from N3,600 to N4,000.

At the time, Netflix said the price adjustment was part of a broader strategy to revise its subscription fees across various regions.

The changes, according to the company, were aimed at accelerating its revenue and earnings growth, following a pattern of periodic price hikes to support the expansion of content offerings.

The latest price increment makes it the second price adjustment by the platform within the space of three months in Nigeria, having implemented a price increment earlier in April this year.

According to the price update on the company’s website, the Standard plan subscription, which is popular among Nigerian subscribers for its HD quality and multi-screen viewing options, has been increased from N4,000 to N5,500. This represents a 37.5 per cent increment.

 

 

 

 

 

 

 

 


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NCC Promotes Copyright Awareness among Printers, Creatives

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The Management of the University Bookshop Nigeria Limited (UBN Ltd) has been cautioned to desist from the sales of pirated works following the continuous display of pirated books for commercial purposes on the shelves of the bookshop as observed during routine operations by the Commission’s operatives.

The advice was given during a meeting of the NCC Ibadan Office with the Managing Director, UBN Ltd, Mr. Agbola Olatunji Israel and his team at the University of Ibadan.

State Coordinator, Ibadan Office, Mrs. Oluropo Oke, while displaying evidence of the bookshop’s involvement in selling pirated books, explained to the team that pirated works had been removed from the University’s Bookshop shelves on three different occasions. She used the opportunity to sensitise the management of UBN Ltd on what constitutes Copyright offences from section (44) of the Copyright Act.

The Ibadan Office, Chief Copyright Officer, Legal, Mrs. Adeola Apara, stated that the University Bookshop must desist from selling pirated books and patronise genuine publishers, authors, accredited book vendors and agents rather than buying from pirates adding that ignorance is not an excuse before the law.

Responding, the MD UBN, appreciated the Commission for the meeting and promised to put an end to the illicit act while admitting that the books showed to him were seized from the University bookshop.

He however, requested the Ibadan Office to organise a seminar for the management team of the University Bookshop to learn the features that differentiate original works from pirated ones.

The NCC and the MD, UBN agreed that a Memorandum of Understanding (MOU) will be signed in due course to ensure the purchase of books from legitimate sources.

In another development, NCC Ibadan Office on Wednesday, 5th June 2024, organised a Seminar for the Association of Professional Printers of Nigeria, (ASPPON), Ibadan District, with the topic: Applicability of the Copyright Act in the Printing Industry. The seminar was aimed at sensitising and guiding printers on the relevance of the Copyright Act to the printing industry.

Chief Copyright Officer, Legal, NCC Ibadan Office, Mrs. Adeola Apara, while sensitising the printers, explained some sections of the new Copyright Act : Section 36 – Copyright Infringement, 38 – Order for inspection and seizure, 40 – Forfeiture of infringing copies, 44 – Criminal liability, 48 – Duty to keep record and 86 – Duties of Copyright Officers.

She stressed on the importance of keeping proper records of all their work,s showing all the columns as indicated in section 48 of the Copyright Act.

The Printers were advised to do their businesses within the ambit of the law and warned that offenders will be arrested and dealt with according to the law.

Responding to questions about what should be done if their works are pirated, the State Coordinator, explained that the best approach is to report such offence to the office of the Nigerian Copyright Commission. She encouraged authors to register their works on the Commission’s e-registration platform in order to have their records in the Commission’s data bank.

Mr. Kayode Famurewa, the Chairman, ASPPON, appreciated the Commission for the seminar and having their interest at heart and assured that members will abide by the tenets of the law in the day to day running of their businesses.

A new “Job Register Book” with extract of section 48 of the Copyright Act stated on the 1st page was introduced by the chairman, ASPPON, to members in order to guide them on how to work in line with the Copyright laws.

 


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