NAICOM Urges Nigerian Insurers to Develop Cyber Insurance Products

In response to the escalating digital risks accompanying global digitalisation, the National Insurance Commission (NAICOM) has urged Nigerian insurance companies to develop and introduce cyber insurance products.

This initiative aims to provide coverage against cyber threats and data breaches, ensuring that businesses and individuals are protected in the evolving digital landscape.

To facilitate this development, NAICOM is collaborating with the National Information Technology Development Agency (NITDA) and the Nigeria Data Protection Commission (NDPC). This partnership seeks to promote cyber insurance and ensure compliance with Nigeria’s Data Protection Regulations, emphasising the importance of data protection training for industry practitioners.

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Despite the growing threat of cybercrime, cyber insurance remains underutilised in Nigeria. Industry reports indicate that many businesses and individuals overlook the importance of cyber insurance, even as global cybercrime losses are projected to reach $10.5 trillion by 2025.

NAICOM’s directive underscores the need for the insurance industry to adapt to the digital era by offering products that address contemporary risks, thereby enhancing the resilience of Nigeria’s digital economy.