Zimbabwean insurance sector to drive cyber security in southern Africa

 Zimbabwean insurance sector to drive cyber security in southern Africa

ZImbabwean insurance sector to drive cyber security in southern Africa.

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As stated by the Finance and Economic Development Minister Professor Mthuli Ncube, the insurance industry in Zimbabwe has a crucial role to perform when it concerns the matter regarding to boosting cybersecurity by developing products that see to the demands of an increasingly digitalised economy.

Reason behind this is due to how Covid-19 has encouraged the need for individuals and organisations to go digital, however, the need to go digital does have a dark button to it as it had and still is, leading to the consistent increase of cybercrimes all over the world.

At the official opening of the Organisation of Eastern and Southern Africa Insurers (OESAI) Forum in Victoria Falls, Prof Ncube talked about how digitalisation has led to the increase of cybersecurity threats and how insurers can cover costs relevant to cybersecurity issues, hence the dilemma is actually an opportunity for the insurance sector to offer data protection for individuals and businesses.

“Digitalisation has resulted in the increased cybersecurity threats, which is an opportunity for the industry to tap and offer data protection for individuals and businesses.

“Insurers can cover the costs associated with cyber security issues, which can include, reputational risk, loss of business, loss customers, and cyber-extortion and bullying among others,” he said.

According to the Allianz Global Insurance Report, as added by Prof Ncube, the insurance industry is said to have weathered the Covid-19 with more resilience and that the future of the industry post Covid-19 is quite bright. 

The Insurance and Pensions Commission Commissioner Dr Grace Muradzikwa stated that the insurance sector in general had learnt valuable lessons from the Covid-19 pandemic experience.

She is also glad that in Zimbabwe they were able to weather the storm as their regulated entities, especially those pertaining to funeral assurance, managed to settle claims timeously as well as giving dignified send offs to insured lives who fatally succumbed to the pandemic.

There is ongoing utilisation of cyber insurance as the sector has made the allocation of economic resources a lot more efficient so that individuals and businesses can be more confident and trusting in assuming developing risks, economic growth and job creation.

The World Economic Forum reviewed that the insurance sector is driving the Fourth Industrial Revolution which includes the ongoing automation of traditional, manufacturing, and industrial practices, using modern smart technology.

Chen Williams

A young Energetic communication expert with an unrivaled ability to understand how to pitch stories objectively for financial publications and the Arts. Passionate about business, the youth in agriculture, video editing, photography, and music production.

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