The report noted that as these cyber threats continue to evolve and become more sophisticated, it is crucial for insurers to understand these emerging risks in order to keep pace with their clients’ exposures.
The company, which has customers worldwide, has also signed a new distribution agreement with IT Security Distribution Inc (ITDSI) in the Philippines to expand its local customer base.
Last year, researchers found that for every 99 emails sent, one contains a phishing attack, with either malicious attachments that can steal personal data or links to a malicious site.
The rise in cyber threats have seen businesses lose billions of shillings and sensitive information to hackers. This has forced firms, especially in the financial sector, to be vigilant.
PIMFA and its members believe that, such is the extent of fraud, the only solution is to enshrine in law additional consumer protections that would tackle the growing threat from online fraudsters.