Expert Wants Products To Mitigate Cyber Attacks’ Effects

A financial expert, Mr Mufutau Oyegunle has urged insurance companies to introduce products that would mitigate the effects of the ever-growing cyber attacks experienced by corporate organisations in the country.
Oyegunle told newsmen  in  Lagos  that cyber attacks against corporate bodies were becoming worrisome.
According to him, the frequency of attacks has prompted a high demand from corporate organisations for products to check their losses.
Oyegunle, who is the Managing Director of LAKEG Insurance Consulting Ltd., Lagos, however, said that few insurance companies had started designing policies to meet the rising demands by their clients.
He said the financial sector was susceptible to huge financial losses from cyber attacks and was already taking measures to guide against such losses.
Oyegunle also urged insurance companies to come up with more products, noting that cybercriminals were taking advantage of improved technology globally to automate their methods.
“Cyber risk insurance is a new area that insurers are exploring in order to provide value to their clients,” he said.
He said that cyber attacks were usually from both internal and external sources.