CIIN President Urges Proactive Cyber Insurance Readiness

By LOVETH AZODO, Lagos

The President of the Chartered Insurance Institute of Nigeria (CIIN) has charged operators in the insurance industry to take proactive steps in developing cyber insurance frameworks, warning that waiting for regulatory directives would leave the sector unprepared for emerging risks.

Delivering her opening address at the 2025 Cyber Insurance Training Programme in Lagos, the President described the training as “timely and necessary,” given the rapid transformation of the global insurance landscape.

She noted that although regulatory guidelines on cyber insurance are yet to be released, industry players must anticipate and position themselves ahead of the regulator.

“Waiting for official directives will leave too little time for meaningful input and adjustment, whereas early preparation ensures readiness,” she stressed.

Highlighting the quality of facilitators at the training, the CIIN President said participants would be learning from professionals who have worked with regulators and governments worldwide, making them well-suited to guide Nigerian practitioners on the complexities of cyber risk.

Calling for innovation beyond traditional underwriting, the President urged operators to explore cyber risk pools, reinsurance partnerships, and scenario-based modelling to strengthen the industry’s ability to assess and manage risks.

She emphasized the need for collaboration, saying the sector must show capability and professionalism so that no client or partner doubts its ability to provide adequate cyber cover adding that the training as the beginning of a continuous journey of capacity building.

Cross Section of Delegates with Council Members at the Year 2025 CIIN Cyber Insurance Training at the College of Insurance and Financial Management, Aseese, Ogun State

Also speaking, the Education Chairman of CIIN, in his welcome address, described the programme as a “defining moment” for the profession and for the future of insurance in Nigeria. He stressed that cyber insurance is no longer optional but a necessity in a world where every digital interaction carries exposure.

Citing recent cyberattacks on institutions such as Flutterwave and the Bank of Uganda, the Chairman warned that both large corporations and small businesses face equal vulnerability to cyber threats.

“In 10 years, when people look back at the journey of cyber insurance in Nigeria, they will point to 2025 as the turning point, the year when regulation aligned with vision, and when professionals like you rose to the challenge,” he said.