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Over 70 percent of organisations have reported an increase in data breach threats following the outbreak of Coronavirus (COVID-19) pandemic which necessitated increase use of online transaction channels.

Financial institutions are said to be bearing more of the brunt of each attack.

This was the summation of industry experts at the Allianz Nigeria webinar themed: “The Ever Increasing Impact of Cyber Attacks: A case for Cyber Insurance.”

Speaking during the webinar, Santho Mohapeloa, Senior Cyber and Liability Underwriter at Allianz Global & Corporate Specialty, South Africa said that there is need for organisations to focus not only on cyber security but more on cyber resilience.

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While giving an insight into the extent of cyber threats, Mohapeloa said: “According to statistics, only 51 percent of organizations in Nigeria are confident in their team’s security ability to act and 71 percent have reported an increase in data breach threats since the pandemic outbreak with financial institutions bearing the brunt of each attack.”

He also said that cyber risk trends likely to affect organizations are; phishing 55 percent, malicious websites 32 percent, malware 28 percent and ransomware 19 percent.

He therefore emphasized the need for organisations to focus not only on cyber security but more on cyber resilience. Also speaking, Aima Higo, Unit Head, Reinsurance, at Allianz Nigeria said, ‘‘In a connected world, we all have a responsibility to protect ourselves and the people we interact with and it all starts with understanding cyber security. Although, there is no 100 percent security in the cyber domain, dangers can only be reduced to an acceptable level by implementing a set of actions and by getting cyber insurance”.

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