As cyber threats continue to rise in Ghana’s increasingly digital economy, the President of the Insurance Brokers Association of Ghana (IBAG), Shaibu Ali is urging businesses to adopt cyber insurance as a key safeguard against potential losses.
Highlighting one of the emerging areas in the insurance landscape, he described cyber insurance as a growing necessity for institutions such as banks and hospitals that are becoming prime targets for cyberattacks.
“With the rise of technology and IT systems, cyber risks have become a real threat. These can be effectively managed through insurance,” he explained.
The IBAG President made these remarks at a media and trade bodies engagement in Accra, held as part of the Association’s Broker Awareness Month campaign.
The event brought together industry stakeholders to discuss ways of promoting insurance awareness and strengthening risk management practices across various sectors.
He stressed the need to bring insurance to the forefront of national policy and business planning, noting that the absence of adequate coverage often leads to huge financial losses when unforeseen incidents occur.
He noted that economic shifts, technological advancements, and changes in social and political activities have all contributed to new forms of risk that require innovative insurance solutions.
“There have been significant changes in our economic, social, business, and political environments. All these pose different types of risks, and the insurance industry has developed innovative solutions to address them,” he added.
He emphasized that public education and awareness are essential to ensuring that businesses and individuals understand the importance of insurance in mitigating risks and protecting their assets.
The Broker Awareness Month campaign seeks to deepen understanding of the role of insurance brokers and promote stronger collaboration between the insurance industry, the media, and trade bodies in building a more resilient economy.
