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.”
Nigerian Institute of Public Relation’s (NIPR) governing council has announced the appointment of Rasheed Bolarinwa as the Chairman of its newly established FinanceHub Committee.
Rasheed Bolarinwa
Bolarinwa, who serves as the President of the Association of Communication and Marketing Professionals in Banks (ACAMB), will lead the committee aimed at enhancing sustainable Public Relations practices within the banking, insurance, and pensions sectors.
Bolarinwa, currently the Head of Brand Management and Corporate Communication at Polaris Bank, brings extensive experience from journalism, public relations, and the financial sector.
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His leadership is expected to drive significant improvements in PR practices across these financial sectors.
The FinanceHub Committee, which includes experts from banking, insurance, and pensions, is part of NIPR’s broader initiative to strengthen public relations across various sectors.
The committee’s formation aligns with NIPR’s strategy to foster sustainable and impactful PR practices in these critical areas of the economy.
In addition to Bolarinwa, NIPR has appointed other chairpersons for newly created sectoral hubs.
Mrs. Thelma Okoh will lead the Maritime Hub, Dr. Jossy Nkwocha will head the Energy Hub, and Mr. Basil Agboarumi will oversee the Aviation Hub. Dr. Ahmad Sajoh has been appointed to lead the Anti-Corruption and Consumer Protection Hub, while Miss Chimdi Neliaku will head the Young Practitioners Hub.
The appointment letters, signed by Uzoma Onyegbadue, Registrar/Secretary to the NIPR Governing Council, reflect NIPR’s commitment to enhancing public relations practices across these sectors.
NIPR Appoints Rasheed Bolarinwa as Chairman of FinanceHub Committee
At the inauguration of the new chairpersons and committee members, NIPR National President Dr. Ike Neliaku praised the appointees, highlighting their expertise and dedication.
“Your appointments are well-considered and reflect the confidence the NIPR council has in your abilities to advance the objectives of the Hub,” Neliaku stated.
He expressed enthusiasm for collaborating with the new appointees and emphasized the council’s support in driving positive change in public relations practices within their respective sectors.
The operator behind www.score808.com.ng, a website notorious for streaming MultiChoice content illegally, has been arrested by the the Intelligence Response Team (IRT) of the Force Intelligence Bureau of the Nigerian Police.
The Police said that the arrest is a significant victory against internet piracy.
This domain was allegedly infamous for illegally streaming MultiChoice (SuperSport) content, drawing millions of visits from across Africa and beyond.
According to a statement, the arrest, which took place recently, in Osogbo, Osun State, marked a major milestone in the ongoing battle against intellectual property theft and online streaming piracy.
The capture followed an extensive investigation that spanned several months.
Despite efforts to evade detection by frequently changing locations, the IRT’s relentless pursuit ensured the eventual arrest.
The suspect remains in Police custody, with substantial evidence pointing to involvement in large-scale illegal streaming activities.
If convicted, the suspect could face a prison sentence of up to five years, the statement added.
“he scale of the illegal operation is evident from the website’s traffic statistics. The domain www.score808.com.ng garnered 3.1 million visits globally, with over 1.2 million visits originating from Africa alone,” it added.
Frikkie Jonker, director of Broadcasting and Cyber Piracy at Irdeto, expressed appreciation for the Nigeria Police’s dedication and support in this operation.
He commented, “All forms of piracy continue to pose a significant threat to the creative industry. At Irdeto, we are fully committed to addressing every facet of piracy, whether it occurs online or through other means. The arrest of this notorious pirate is a testament to what can be achieved when law enforcement agencies and private sectors work hand in hand. We sincerely appreciate the Nigerian Police’s unwavering support, which has led to this positive outcome.
“Online streaming piracy is not only a criminal offense but also poses significant risks to customers. Users who access pirated content are often exposed to malware, phishing attacks, and other cybersecurity threats that can compromise their personal information. Additionally, by engaging with illegal streams, customers inadvertently contribute to the erosion of the creative industry, undermining the livelihoods of thousands of people involved in content production and distribution.
Senator Liyel Imoke, former Minister for Power and Steel, has been confirmed as the keynote speaker at the annual conference of the Guild of Corporate Online Publishers (GOCOP) scheduled for October 3, 2024 in Lokoja, the Kogi State capital.
This is just as attendance and participation by other highly fecund speakers and panelists have been confirmed.
They comprise, among others, former Chief of Army Staff, Lt-General Tukur Yusuf Buratai (Retd); the Executive Vice Chairman, Nigerian Communications Commission (NCC), Dr. Aminu Maida; a Professor of Political Science at the Federal University Lokoja, Rotimi Ajayi, and an edutainment communicator and veteran broadcaster, Ms Debrah M. Ogazuma.
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Chairman, 2024 Conference Planning Committee, Danlami Nmodu, mni, disclosed these in a press statement issued by the Publicity Secretary of GOCOP, Sir Remmy Nweke.
According to the statement, Nmodu said that Imoke would lead discussion on the theme: “Nigeria: Tackling Insecurity, Power Deficit, and Transitioning to Digital Economy” at the Reverton Hotel, GRA Lokoja, Kogi State on Thursday, October 3, 2024 by 10am.
Senator Imoke was at a time Special Adviser to President Olusegun Obasanjo on Utilities and Chairman, Presidential Committee on OMPADEC and NEPA Technical Boards.
In 2007, Senator Imoke was elected Governor of Cross River State and served his people in that capacity from 29 May 2007 to 29 May 2015.
Imoke studied Law at the University of Buckingham, England for his LLB degree in 1985, and then studied at the American University in Washington, D.C., where he gained a master’s degree in Law. He completed his legal education at the Nigerian Law School, Lagos, in 1988.
He was earlier elected a Senator in 1992 and was in the National Assembly until the military incursion, following the annulment of the presidential election of June 12,1993.
He then went into private enterprise in 1993 as a Managing Consultant.
Retired Lt-General Buratai would be joined by Dr. Aminu Maida as Guest Speakers.
The statement stated that Professor Ajayi would join other panellists, including a former Commissioner in Kwara state and National Coordinator of West African Media Network (WAMNET), Ms Ogazuma.
The 2024 GOCOP conference is the 8th in the series and would be chaired by former Nigeria’s Ambassador to Spain, Yusuf Mamman.
The 2023 edition was chaired by the JAMB Registrar and Chief Executive, Prof Ishaq Olarenwaju Oloyede, while the first Nigerian Professor of Capital Market, Prof. Uchenna Joseph Uwaleke was the keynote speaker.
Previous speakers at the annual conference consisted of Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who delivered the 2019 lecture on “Economy, Security and National Development: The Way Forward.”
In 2021, Mr. Boss Mustapha, as the Secretary to the Government of the Federation and Chairman of the Presidential Task Force on Covid-19, keynoted the conference and spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.”
Professor Mahmood Yakubu, Chairman, Independent National Electoral Commission, delivered the keynote at the 2022 edition themed “2023 Elections: Managing the Process for Credible Outcome.”
GOCOP was established to ensure that online publishers uphold the tenets of journalism.
Membership of the Guild is a constellation of editors and senior journalists who, having distinguished themselves in their various positions in the print and electronic media, ventured into online publishing which is both the present and future of journalism globally.
The Guild has over 104 corporate publishers as members.
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