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.
The President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori has emphasised the timeliness and necessity of the Cyber Insurance Training program hosted by the Institute, noting that while regulatory guidelines on cyber insurance are yet to be released, industry operators must be proactive and position themselves ahead of the regulator.
She stressed that waiting for official directives would leave too little time for meaningful input and adjustment, whereas early preparation would ensure readiness. She highlighted the credibility of the facilitators, pointing out that they are not only seasoned professionals within the industry but have also worked with governments and regulators across the globe. This, she said, makes them well-suited to guide Nigerian practitioners on a subject as critical as cyber risk.
Addressing the realities facing the sector, the President observed that artificial intelligence, cyber threats, and increasing third-party dependencies are reshaping the insurance industry worldwide.
As Nigeria strives for digital economy growth, these shifts create new liabilities that insurers must be prepared to underwrite. To this end, she called on operators to begin developing coverage frameworks that align with global standards and best practices.
Innovation, she noted, must extend beyond traditional underwriting into areas such as establishing cyber risk pools, forming reinsurance partnerships, and adopting scenario-based modelling to better assess and manage risks.
She further underscored the importance of collaboration, urging the industry to recognize shared vulnerabilities and work together to build resilience. Nigerian insurers, she insisted, must demonstrate capability and professionalism so that no client or partner will doubt the sector’s ability to provide adequate cyber cover. To achieve this, practitioners must speak from a position of knowledge and technical expertise, not just pursue premium generation.
The President expressed confidence that participants in this training would form a reference point within the industry, becoming a go-to resource for others seeking clarity on cyber insurance. She described the program as the beginning of a journey of continuous learning and improvement, with further trainings and sustained collaboration with global partners expected in the future.
Concluding her address, she encouraged participants to be fully present and engaged, setting aside distractions and making the most of the opportunity.
She formally declared the training open, affirming that it marked a significant step towards equipping the Nigerian insurance industry to confront the challenges and seize the opportunities of cyber risk in the digital age.
Welcoming delegates, the Education Chairman at CIIN described the program as a defining moment for the insurance profession and for the future of insurance practice in Nigeria.
“Let me begin by saying this: the world we live in today is digital, interconnected, and fast-paced. Every swipe, every click, every transfer, and every online interaction creates value—but it also creates exposure. Just last year, a major African financial institution, such as Flutterwave, and the Bank of Uganda, lost millions of dollars due to cyber attacks that crippled their operations for days. Think also of small businesses—like the neighbourhood pharmacy or the fashion entrepreneur selling through Instagram—who suddenly find their customer data compromised. Cyber risk does not discriminate. It affects the mighty and the small, and it affects every sector.”
The chairman said the recently enacted Nigeria Insurance Industry Reform Acts 2025 has brought sweeping changes aimed at modernising the sector and aligning it with global best practices.
“One of the most significant shifts in this Act is the formal recognition of cyber risk as a critical component of insurance coverage. For the first time, insurers in Nigeria are being challenged by regulation to build deeper technical expertise, strengthen risk assessment models, and design cyber products that respond not just to today’s threats, but also to the risks of tomorrow.”
