Across the world, Cybercrime is now being a perpetrated through information communication technology (ICT). The menace has attracted world attention because it is increasingly becoming a threat to both national and global security.
It is on the back of this and the fact that we live in a Global Village that Allianz Insurance Company in partnership with Midas Insurance Brokers organized a seminar on Cybercrime at Labadi Beach Hotel on 25th October, 2017.
The forum was held under the theme: “Cyber Security As Well As Directors And Officers Liability Risk”.
Speaking at the forum, Mr. Addo Mensah, who is the Managing Director of Midas Insurance Brokers said, “the threat of cybercrime is increasing every day as the world economy comes to depend more and more on Technology.”
“From 111,339 attacks a day in 2014 the figure today is 1.5 million people a day. From an estimated amount of about $300 to $500 billion lost to cyber criminals in 2014, the figure today is a staggering $100 billion and is estimated to top $2 trillion in 2019”, he added.
Many countries and individuals have fallen prey to smart criminals across the world and recently, Ghana, is recognized as a major hub for cybercrime activities known locally as “sakawa”.
The crime is so sophisticated that to apprehend those involved, one needs tactics and skills to trick such culprits and bring them to book.
Mr. Addo Mensah continued that “ As we can see the figures keep increasing day in and day out but unfortunately nobody cannot come out to say what is happening in their institution for fear of losing customers”.
According to him, Midas held series of discussions with Allianz and have managed to draw many institution into understanding the issues of cybercrime and the solutions that every institutions can benefit.
Midas, he stressed will continue to partner Allianz with innovation to make sure that every Ghanaian industry benefit from best statistics everywhere in this world.
The event brought together stakeholders from various insurances and banking institutions with endorsement from Directors of Ghana Prison Service and other security services as well as the media.
It is seerved as a conduit for Information Technology experts to advise IT managers, heads of legal and industry practitioners on how to address the cyber risk and take active steps to identify, access and manage the risk on an enterprise wide basis.
Ending his submission, Mr. Addo Mensah proposed that industry practitioners could use Cyber Insurance to minimize their exposure to the Cyber threat.
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