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.”
Bright Echefu, chief executive officer, Telecom Satellites Limited (TStv), and three co‑defendants appeared before the Federal High Court in Abuja yesterday on an amended twelve‑count indictment brought by the Economic and Financial Crimes Commission (EFCC). The charges allege money laundering, tax evasion, and investment fraud involving approximately ₦1 billion and $1.3 million.
Bright Echefu, chief executive officer, TStv
In addition to Echefu, the defendants are TStv Executive Director, Felix Igboanuga, Telecom Satellites Limited itself, and Briechberg Investment Ltd.
According to the April 5, 2025, amended charge sheet the EFCC accuses the quartet of defrauding Mr. Tanimu Turaki, Managing Director of Kalsiyam Global and former Minister of Special Duties, alongside BYI General Limited, out of a combined investment of ₦1 billion and $1.3 million. The commission has also included a ₦66 million alleged tax default.
The revised indictment lists:
Count 2: ₦33,909,542.47 in unremitted Company Income Tax
Count 3: ₦13,519,382.00 in unremitted VAT
Count 4: ₦19,488,860.00 in unremitted PAYE
Counts 5–12: Various fraud‑related transactions, including ₦380 million from Kalsiyam Farm, ₦400 million from BYI General Ltd and $1.35 million in loans secured under false pretences.
All defendants pleaded not guilty once again. At the hearing before Justice Mohammed Umar, Echefu’s lead counsel, Senior Advocate Eyitayo Fatogun, informed the court of ongoing settlement discussions with the complainants.
“There are moves to settle this matter and there was a meeting on Saturday between myself and the Nominal Complainant as it is about investment,” Fatogun stated.
“The Defendants have paid some money and I was thinking that the matter be adjourned for report of settlement.”
EFCC counsel A.S. Tomwell confirmed receipt of those payments but emphasized the necessity of entering a plea before considering any adjournment. The court thus ordered the formal reading of the charges and adjourned the trial to October 15, 2025.
The government of Ghana has ordered MultiChoice Ghana to reduce DSTV subscription costs by 30%, noting the significant appreciation of local currency and growing dissatisfaction with current rates.
This comes as Nigeria Data Protection Commission (NDPC) has fined MultiChoice Nigeria ₦766,242,500 for breaching the Nigeria Data Protection Act (NDPA).
According to Mr Babatunde Bamigboye, head Legal, Enforcement & Regulations, NDPC, the investigation, which commenced in the second quarter of 2024, was triggered by suspected breach of privacy rights of Multichoice subscribers and illegal cross-border transfer of personal data of Nigerians.
MultiChoice, which operates across Africa, continues to lose revenue and subscribers.
Ghana’s minister of communication, digital technology, and innovation, Samuel Nartey George, made the call last week during a meeting with a DSTV team led by Dr. Keabetswe Modimoeng, group executive for regulatory and corporate affairs.
According to a ministry statement, George said the government’s responsibility is to respond to Ghanaians’ concerns over high DSTV pricing and outdated content offers.
The Minister pointed out that despite a 30% increase in the cedi’s value over the past five months; DSTV prices have not reflected the positive economic trend.
The statement went on to say the minister is therefore calling for a 30% price reduction to match the cedi’s appreciation and to pass on economic benefits to consumers.
According to the statement, while MultiChoice has implemented promotional packages, people prefer a direct price reduction over temporary discounts.
George said feedback from public engagements revealed that many users are dissatisfied with DSTV’s content, describing it as outdated save for Premier League football. They also believe that the current cost is not justified.
”To address the concerns, he said MultiChoice Ghana has until July 21 to formally respond to the government’s request. The Minister expects a concrete proposal by this date, allowing time for further engagement before the end of July,” the statement said.
In response, Dr. Modimoeng acknowledged the government’s concerns and expressed gratitude for the opportunity to dialogue.
The MultiChoice team reacted positively to the minister’s request and committed to provide input by July 21st. They emphasised the need of balancing public interest and business sustainability.
This is the continent’s latest pricing conundrum for the pan-African pay-TV business, following fee disputes with Nigerian and Malawian authorities.
In Ghana, the demand for price cuts comes as MultiChoice is under pressure, having lost revenue and subscribers in the financial year that ended March 31, 2025. Last month, the company announced its financial year-end results.
In a statement to shareholders last month on the Stock Exchange News Service, the company said the past two financial years have been a period of significant financial disruption for economies, corporates and consumers across Sub-Saharan Africa due to challenging macro-economic factors.
Combined with the impact of structural industry changes in video entertainment, such as the rise of piracy, streaming services and social media, this has materially affected the overall performance of the MultiChoice Group, it noted.
Over this period, MultiChoice said the group lost 2.8 million active linear subscribers and had to absorb a R10.2 billion negative impact on its top line due to local currency depreciation against the US dollar.
For the year, the company reveals that linear subscribers were down 1.2 million, or 8% year-on-year, to 14.5 million active subscribers, with the loss evenly split between South African (600 000) and rest of Africa (600 000).
Nigeria Data Protection Commission (NDPC) has fined MultiChoice Nigeria ₦766,242,500 for breaching the Nigeria Data Protection Act (NDPA).
NDPC is a public institution that processes data in furtherance of its mandate as Nigeria’s data protection authority and relies on recognised lawful bases for data processing, such as consent, legal obligation, and contract.
The fine was contained in a statement signed by Mr Babatunde Bamigboye, head Legal, Enforcement & Regulations, NDPC.
According to him, the investigation, which commenced in the second quarter of 2024, was triggered by suspected breach of privacy rights of Multichoice subscribers and illegal cross-border transfer of personal data of Nigerians.
“The NDPC found, among others, that Multichoice violated the data privacy rights of subscribers and their friends who are not necessarily subscribers.
The Commission also found that Multichoice carries out illegal cross-border transfer of personal data relating to data subjects in Nigeria.
The depth of data processing by Multichoice is patently intrusive, unfair, unnecessary, and disproportionate.
This is a grave affront to fundamental right to privacy as enshrined in Section 37 of the 1999 Constitution of the Federal Republic of Nigeria.
In line with its standard remediation procedure, the Commission directed Multichoice to carry out appropriate remedial measures.
However, the Commission found the measures undertaken by Multichoice in this regard unsatisfactory.
For want of cooperation, the Commission has directed Multichoice to pay ₦766,242,500 for violating the Nigerian Data Protection Act.
“Nigeria is entitled to protect her citizens and data sovereignty under both international and extant municipal laws, as these have far-reaching implication for rule of law, national security, and economic growth.” the statement said.
Babatunde also revealed that, Vincent Olatunji, national Commissioner, NDPC, has directed that all outlets through which Multichoice is collecting personal data of Nigerian citizens should be investigated for non-compliance.
He added that any outlet that processes personal data in violation of the NDP Act is liable to penalty under the Act.
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