As digital transformation accelerates across Africa, private sector organizations—particularly financial institutions— are facing a sharp rise in cyber threats, with significant economic and operational consequences. According to INTERPOL’s report on digital risks in Africa, cyber incidents have led to estimated financial losses exceeding $3 billion between 2019 and 2025, with the finance, healthcare, energy, and public sectors among the most affected. Despite increasing efforts by public authorities to strengthen cybersecurity, the continent remains highly vulnerable. Online scams, business email compromise, and ransomware are among the most damaging and costly threats. Cyber insurance, as a tool for risk transfer and sharing, is poised to play a critical role in helping businesses mitigate the financial fallout of cyberattacks. The growth of this sector will rely on the active involvement of insurers, reinsurers, insurtechs, and regulators. This Masterclass provides a comprehensive framework for understanding and managing cyber risk in Africa’s rapidly evolving digital landscape. Participants will gain insight into why adopting cyber insurance is becoming essential for African organizations. They will also explore how combining risk transfer solutions like cyber insurance with best practices in prevention and continuous monitoring can significantly enhance digital resilience and trust—particularly within the financial sector. The objective of the Masterclass is to equip decision-makers with actionable strategies to protect their organizations sustainably, while supporting the continent’s broader digital growth.
Key points
- Identify the key challenges of digital resilience in Africa, with a focus on the types of cyber threats organizations face and their associated financial impacts.
- Understand the role of active cyber insurance in mitigating digital risks by providing both protection and financial compensation to affected organizations.
- Gain insight into the future of the cyber insurance sector, and recognize the critical roles that insurers, reinsurers, insurtechs, and regulators must play in strengthening the ecosystem across the continent