The National Information Technology Development Agency (NITDA), under the leadership of its Director General/CEO, Kashifu Inuwa Abdullahi, embarked on a courtesy visit to the National Insurance Commission (NAICOM) today.
The purpose of the visit was to discuss and initiate the process of institutionalizing cyber insurance, aimed at fortifying Nigeria’s digital ecosystem.
The NITDA delegation, comprising top officials and led by Kashifu Inuwa Abdullahi, was warmly received by the Commissioner for Insurance/Chief Executive Officer of NAICOM, Olorundare Sunday Thomas, along with his management team.
The meeting served as a platform for both agencies to deliberate on the significant advantages that cyber insurance can bring to the nation and to solidify their commitment to collaborate in order to achieve this objective.
In a statement signed by the Head of Corporate Communications and Market Development at NITDA, Rasaaq Salami, it was emphasized that the institutionalization of cyber insurance would play a pivotal role in enhancing the resilience of Nigeria’s digital infrastructure.
As the country continues to witness an exponential growth in digital transformation, safeguarding against cyber risks and ensuring the protection of critical data has become a paramount concern.
During the discussions, the NITDA and NAICOM teams explored the multifaceted benefits that cyber insurance can offer, including mitigating financial losses associated with cyberattacks, facilitating speedy recovery from security breaches, and fostering a culture of risk awareness and management in the digital space.
Both agencies acknowledged the pressing need to enhance cybersecurity measures and provide a comprehensive framework to address potential threats and vulnerabilities in Nigeria’s rapidly evolving digital landscape.
Furthermore, the collaborative efforts between NITDA and NAICOM aim to create an enabling environment for the development of the cyber insurance market in Nigeria. By establishing a robust regulatory framework, encouraging innovation, and fostering public-private partnerships, the agencies seek to stimulate the growth of cyber insurance offerings, thereby providing individuals, businesses, and organizations with the necessary tools to manage cyber risks effectively.
In concluding the visit, Director General Kashifu Inuwa Abdullahi expressed his gratitude to Commissioner Olorundare Sunday Thomas and the NAICOM management team for their warm reception and eagerness to collaborate.
He reiterated NITDA’s commitment to leveraging technology and strategic partnerships to build a secure and resilient digital ecosystem that promotes economic growth, job creation, and sustainable development.
As the nation embraces the digital era, the institutionalization of cyber insurance will undoubtedly contribute to the overall resilience and confidence in Nigeria’s digital infrastructure, ensuring the protection of vital information and fostering a secure digital future for all.
