Participants at the Conference
The Ghana Insurers Association’s Board Technical Committee on Information Technology, held its maiden Information Technology Conference dubbed, The 2019 GIA Information Technology Conference, on Friday May 24, 2019 at the Mensvic Grand Hotel, in Accra.
The theme for the Conference was “Emerging Trends, Domain and Impact of Cyber Security Threats on the Insurance Industry”. The conference was organized to educate stakeholders in the Ghanaian Insurance space on the trend of cybercrimes targeting the Insurance Industry and the financial sector as a whole, its effect as well as countermeasures to mitigate them.
In a welcome address, the Managing Director of Vanguard Life Assurance Company Limited and Convener for the IT technical Committee of the Ghana Insurers Association, Mr. George Kojo Addison, indicated that, Cybersecurity issues are becoming a day-to-day struggle for insurers and businesses in general. He added that, the insurance sector faces cyber risk from both internal and external sources, including third parties. “It is worth noting that Insurers collect, process, and store substantial volumes of data, including personally identifiable information. They are connected to other financial institutions through multiple channels such as investment, capital raising, and debt issuance activities. Mergers and acquisitions and other changes in corporate structure do affect cybersecurity and the increased exposure emanating from outsourcing services cannot be oversized”.
Mr. Addison was however hopeful that, at the end of the deliberation, members will appreciate the need to create awareness and train their employees to be able to examine the nexus between cyber criminality and other transnational crimes and the need to implement counter measures to mitigate cyber threats.
He called on the Management Board of the Ghana Insurers Association to ensure that the Information Technology Conference is organized annually to deliberate on topical issues on Information and Communication Technology (ICT) that has potential to affect the Insurance Sector. “We believe this will bridge the gap between the growth of digital technology and its application in the Ghanaian Insurance Industry for socio-economic development” – he added.
Mr. David Ofori, Operations Manager of the Accra Digital Center, delivering the opening remarks on behalf of Mr. Eric Kofi Ofosu (Managing Director, Accra Digital Center).
In a speech delivered on his behalf (by Mr. David Ofori, Operations Manager, Accra Digital Center), the Director of Accra Digital Center (Mr. Eric Kofi Ofosu) said that, the emergence of 5G technology comes with more opportunities to firms but cautioned Insurers not to overlook some of the information security threats it may pose to the day-to-day operation of their businesses. He noted that the Accra Digital Center (an incubation center for startups to develop their proofs of concepts and commercialize their innovations) is currently making impressive strides such that its tech lab was brimming with innovative minds coming up with products (such as hearing aid and tools to aid movement of the visually impaired) capable of improving the insurance process.
In the main presentation, Mr. Philemon Hini, a Cyber Analyst with the e-Crime Bureau, demonstrated how vulnerable users of phones, tablets and either laptops or desktops and IoT devices are, following their limited knowledge in respect of cyber security.
Mr. Hini indicated that, the Insurance sector has become the new target for cyber criminals as their systems are linked to most financial institutions. “What’s the essence of hacking a more complex I.T system of a bank when same results can be achieved by going through the insurance company”- he noted. He therefore argued the need for insurance companies to hire cyber experts or companies to conduct cyber audits at their operational centers. “Any diligent insuring entity ought to know its threat level and vulnerability as well as engage professional cyber units to offer cyber assessment before offering insurance cover for clients so as not to be caught off guard” – Mr. Hini noted.
The main paper was discussed by DSP Emmanuel Eric Gyebi, Deputy Director of the Cyber Crime Unit of the Ghana Police CID Department, Mr. Samuel Theophilus Anakwa, Information Security Manager, CalBank Limited, Ms. Abena Biney, Audit Partner, Deloitte and Touch and Mr. Ernest Ofori Yirenkyi, Acting Director of Consultancy at the Kofi Annan Center of Excellence in Information and Communication Technology.
The Session was chaired by Mr. Stephen Oduro, Managing Director, SIC Insurance Co. Ltd.
