Executives from Africa’s financial services sector, insurers, and regulators gathered on November 4 for a TED Talk-style Masterclass on cyber insurance and digital security, hosted by Cybastion at the Africa Financial Summit (AFIS) in Casablanca, Morocco.
As Africa’s digital market continues to grow at the fastest pace globally, the continent also faces an alarming rise in cyberattacks, with INTERPOL reporting a 20% increase in incidents in 2024.
Given the rapidly evolving digital threat landscape, Armand Tchokokam, Executive Vice President and Global Chief Financial Officer of Cybastion, highlighted that the purpose of the Masterclass was to provide a comprehensive framework for understanding and managing cyber risks in Africa. It also offered executives the chance to contribute to the development of Cybastion’s new cybersecurity product.
In his TED Talk-style presentation, Andre Biyong, Cybastion’s Chief Operating Officer, unveiled the company’s upcoming cyber insurance solution. The product aims to help organisations transform uncertain potential losses into measurable and controllable costs, providing financial protection against cyber risks.
Biyong guided attendees through the inner workings of cyber insurance, emphasising that Cybastion’s upcoming solution, set for release in 2026, will be specifically tailored to the African market.
Despite ongoing efforts by African governments and businesses to enhance cybersecurity, the continent remains highly vulnerable to digital threats. Biyong stressed that while cyber insurance cannot replace robust cybersecurity practices, it serves as an important complement to them, offering an additional layer of financial protection.
The session concluded with a call for the mandatory implementation of cyber insurance in critical sectors and the creation of a strong insurance ecosystem involving key stakeholders such as insurers, reinsurers, insurtechs, and regulators.
Christian-Cédric Fotso, Cybastion’s Chief Distribution Officer, and Eric-Franklin Tavares, Senior Advisor, also shared their insights on the cyber insurance solution, discussing its technical aspects and highlighting its potential to reshape the continent’s approach to digital risk management.