Emerging cyber risks to take centre stage at Insurance conference

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Cyber-Security

Insurance leaders and experts will next week converge in Nairobi at a major conference that seeks to stimulate growth in the industry and among the major topics will be insurance emerging cyber risks and application of analytics in making investment decisions among others.

The African insurance and re-insurance conference, which brings together different players from across the continent, will be held on June 22 and 23, at Crowne Plaza Hotel.

The life insurance industry in Africa continues to be marked by low penetration rates with half of the countries either lacking a life industry or having a marginal market with extremely low penetration. Participants will explore the challenges hindering the penetration levels and solutions that can be offered through effective products, delivery and distribution channels.

“The themes for this year’s conference pick up on the increasing optimism
as the insurance sector now more than ever positions itself to play a key
role in supporting the unprecedented economic growth the continent is
witnessing,” says Naomi Njoroge, Managing Director of Aidem Business
Solutions, the event organizer.

She says to fully realize this potential; operators, must carefully rethink their strategies especially in areas of product innovations, business diversification and investment options.

“These fundamentals will be critical in determining who will be best placed to take advantage of this growth,” she says. “AIRC 2015 provides a platform for the operators to get practical insights on how to chat their
way forward and capture this growth.”

Cyber risk has become a significant enterprise threat and proactive risk management means identifying the risk and implementing appropriate risk mitigation strategies. With the threat landscapes evolving due to such
liberating technologies as cloud computing, successful enterprises must adapt fundamentally new approaches to managing the complexity and risk introduced by these new technologies and business services.

“Players need to understand their organisation’s vulnerability to cyber-attacks and also the importance of protecting their enterprises by having proper security controls in place within their IT infrastructure,”
she said.