Talks began between the National Information Technology Development Agency, NITDA, and the National Insurance Commission, NAICOM, on creating an insurance product to cover the rising cyber risks in Nigeria.
Underscoring the move as long overdue, the Director-General of NITDA, Kashifu Inuwa Abdullahi, noted that, ”Nigeria loses about N200 billion to cyber crime annually”.
Abdullahi, who led the Agency’s delegation to NAICOM on a courtesy visit recently told his host, Commissioner for Insurance/CEO, Olorundare Sunday Thomas, stressed that ”we need to institutionalise Cyber Insurance”.
He said: “Achieving this feat will also translate to strengthening developers of systems to up their game, by taking it through series of tests before taking their products to the market”.
Highlighting the roles of bothe agencies in securing the Nigeria’s cyber space, the Director General said, ”The Commission has the primary mandate of insurance while the Agency also has certain mandates relating to cyber insurance, including development of Information Technology in Nigeria which Cyber Security is an integral part”.
Responding, the Commissioner for Insurance said he has always call the attention of relevant stakeholders to covering the risks associated with technology.
“If there should be any economy that should be more concerned about cybercrime, it should be Nigeria,” Mr. Thomas told his visitors.
“The more we look forward to using technology to resolve many problems, we must also seize the opportunity to increase our workforce”, Thomas added.
To demonstrate their readiness, both regulators agreed to create a committee of six members, three members from each organisation, to ascertain the modus operandi.
