Broadcasting
Cyber Defenses and Cyber Insurance: A Holistic Approach to Cyber Risk Management
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.”
In today’s fast-paced world, where every penny counts, finding ways to save on essential services is more important than ever. And as part of its commitment to customer satisfaction, DStv has reiterated its “Price Lock” feature.
This is in response to the upcoming tariff increase, which the company understands may impose some financial strain on its valued customers.
What exactly does the “Price Lock” feature entail? The “Price Lock” feature offers customers the opportunity to retain their subscriptions at the current rate for 12 months.
To use the “Price Lock” feature, customers simply need to renew their subscriptions before the due date each month, ensuring uninterrupted access to their favourite DStv content at the current rate for the next 12 months.
But here’s the catch: only customers with an active subscription by the 30th of April qualify for this offer, when the tariff adjustment comes into effect.
Make sure you don’t miss the price lock offer! Simply download the MyDStv or MyGOtv app or dial *288# to subscribe, upgrade, or set up Auto-Renewal.
Civil Society Organisation (CSO) under the auspices of Open Justice Initiative (OJI), has threatened to drag the National Broadcasting Commission (NBC) to court if it fails to ban Netflix, TikTok, and others over the alleged broadcast of offensive same-sex content on Nigeria’s airwaves.
The CSO, also urged NBC to ban other social media platforms, including X, formerly known as Twitter, Facebook, etc with regard to the subject matter.
Donald Ayibiowu, lawyer and programme officer of OJI, gave the warning in a letter addressed to Mr. Charles Ebuebu, director-general of the NBC.
The certified true copy of the letter titled: “Need to ban and bar the continuous broadcast of offensive same-sex contents on Nigeria’s airwaves by Netflix and other specialised broadcast outlets”, made available to newsmen in Abuja, was received by the Commission on April 23, 2024.
The letter said, “We write to draw the esteem attention of your commission to some obnoxious and repugnant same-sex contents being aired or transmitted by some broadcast outfits operating within the Nigeria broadcast space, which platforms includes Netflix and some social media entities.
“These abhorrent contents being campaigned about borders on the promotion of amorous relationships between persons of same sex on the said platforms.
“We received complaints on this topic from well-meaning Nigerians and religious organisations and further discovered that the broadcast contents/materials on these platforms are laced with embedded scenes/episodes where same-sex relationships are practically being propagated.
“We also conducted research on some social media platforms like TikTok, Twitter (X), Facebook (Meta), etc with regards to this subject, and found same hazardous and illegal same-sex content being promoted and transmitted.
“It is clear that there is an agenda to surreptitiously lure the unsuspecting young population of this country to this satanic habit/lifestyle of same-sex practice in Nigeria by subtly introducing same through entertainment and showbiz industry, albeit through the airwaves.
“It is now commonplace to see some of these illegal contents being conveyed on social media and specialised platforms in Nigeria.
“We wish to point out that these contents are clearly being aired or transmitted in contravention of our extant laws such as Sections 4(2) and 5(2} of the Same-Sex Mariage (Prohibition) Act, 2013,” he said.
The lawyer said the act being subtly propagated and promoted via the mediums was targeted at destroying the moral fibre and rectitude, erode, dislodging and polluting the society with unacceptable inhuman values.
He said it was also to erode the age-long cultural practices and sacred religious belief system of male and female gender only as created by God Almighty.
Ayibiowu said, that if the commission failed to block, restrict or scrap the same-sex promotional material/contents from Nigeria airwaves, “we shall proceed to seek further redress in pursuit of our goal of saner Nigeria airwaves”.
Federal Competition and Consumer Protection Commission (FCCPC) has promised to review recent price increases in MultiChoice cable subscriptions to ensure subscribers in Nigeria get value for their money.
Recall that the leading pay TV operator, recently announced increase in the subscriptions for its DStv and GOtv packages by at least 25 per cent.
Multichoice announced the increase in tarrifs in a message sent to subscribers on Wednesday and said that the new regime will be effective May 1.
The company stated this in the statement signed by John Ugbe, chief executive officer was titled, ‘Price Adjustment on DStv and GOtv Packages.’
The pay-TV firm cited the rise in the cost of business operations as the rationale behind the price increase.
The company said, “We understand the impact this change may have on you – our valued customer, but the rise in the cost of business operations, has led us to make this difficult decision.
“It remains our mission to provide the best entertainment and viewing experience to you and are committed to continue to deliver high-quality content and unparalleled service. So, from Wednesday, 1 May 2024, the price adjustment will take effect.”
But Adamu Abdullahi, acting chief executive officer, FCCPC, in a chat with Channels Television on its Dateline Abuja programme on Thursday, provided an update on the summons issued to the owner of a Chinese store in Abuja accused of discriminatory and sharp practices.
He also commented on the adherence to the order given to the Abuja Electricity Distribution Company, stating that sanctions are imminent for all verified infractions identified by the agency.
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