Acting Commissioner of the National Insurance Commission (NIC), Michael Kofi Andor, has emphasized the need for insurance companies to be cautious in their business growth strategies.
He highlighted the importance of taking preventive measures against cyber risks, especially with the increasing digitization of records.
Mr. Andor referenced recent internet disruptions that caused widespread standstills, underscoring the vulnerabilities that come with digitization.
He stressed the necessity for insurance companies to implement robust data protection against cyber-attacks.
During a meeting with insurance agency staff and management in Tamale, as part of his Northern Region tour, the Acting Commissioner advised on strategizing against climate-related claims and the emerging risks of cyber threats and climate change.
The Acting Commissioner urged insurance companies to strategize to address potential claims resulting from climate-related issues.
“There are two risks that are emerging that become important for us, as insurance companies, businesses, branch offices, and managers; these are cyber risk and climate change risk. These may sound high from you, but they are quite close to you. You know we keep digitizing a lot of things; we are digitizing everything.
“Now we don’t go to the bank to queue anymore; you can sit with your phone and transfer money. And it’s catching up with all of us; I know all of you do things online, chatting with people, using Artificial Intelligence, we are digitizing a lot of things, but what that brings to us is the cyber-risk.
“As we keep digitizing more things, we get exposed to the criminals, who have now put down the gun and have now taken the computer and are robbing with the computer instead of the gun. We need to protect ourselves from it. A couple of days ago, since the internet problem started, everything was at a standstill.”
Mr. Andor stated that the governing body is preparing to issue a cybersecurity directive to regulate the insurance industry.
“We are coming out with cybersecurity directives, and these are things you are expected to do to protect yourself and the business against cyber risk. You need to be on your feet.”
Mr. Andor expressed concerns regarding the evolving risks associated with electric vehicles, which differ significantly from traditional fuel vehicles.
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