CEO cautions businesses, gov’ts on rise in cybersecurity breaches

The managing director and chief executive officer, Leadway Assurance, Tunde Hassan-Odukale, has cautioned businesses and corporates of the overwhelming rise in cybersecurity risks and the crucial steps to mitigate the unprecedented attacks. A recent report by Kaspersky, a multinational cybersecurity and digital privacy company, revealed that the number of backdoor computer malware recorded in the […]

The managing director and chief executive officer, Leadway Assurance, Tunde Hassan-Odukale, has cautioned businesses and corporates of the overwhelming rise in cybersecurity risks and the crucial steps to mitigate the unprecedented attacks.

A recent report by Kaspersky, a multinational cybersecurity and digital privacy company, revealed that the number of backdoor computer malware recorded in the second quarter of 2022 increased significantly across sub-Saharan Africa’s leading economic powerhouses, like South Africa, Kenya and Nigeria, compared to the first quarter of the year.

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He said, “The evolution in digital innovations and the COVID-19 pandemic have inspired businesses, NGOs and government agencies to adopt technology-driven operations, cloud computing, online capabilities, and the Internet of Things (IoT) to drive superior production, operational efficiencies and service delivery.

“As recent findings indicated, enterprises with less than 200 employees lose an average of $2.5 million (over N1bn) to cyberattacks. These new threats have become critical financial risks to organisations.

“Recognising that cyber-attacks are significant risks to every business and organisation, irrespective of size and industry, it has become a top burner for organisations to put in place a solid financial recovery plan should an exposure occur.

“This is what has inspired the design of the Leadway Cyber-risk Insurance Policy.

“While this risk management tool does not guarantee immunity from attacks, it guarantees respite by offsetting costs incurred during a cyber-related security breach, ensuring accelerated businesses recovery after being hit by these gruesome attacks,” he said.