AIICO Insurance Plc, a financial services company, has received Information Security Management System certification from the British Standards Institution (BSI) under ISO 27001:2013 standard, after a thorough assessment of the Company’s Information Security Management System.
According to a press release on its website, the Company breaks the record as the first in the industry in Nigeria to receive this certification, which represents high information security standards that provides a wide range of requirements for information security management systems.
It was the prevalent culture for organisations to focus on sales, marketing, business development, etc. during business strategy sessions and ignore cybersecurity, but the increased rate of cyber-attacks catalysed by remote working and a more digitised economy has spurred various organisations to invest more in effective risk management framework to ensure a competent information management system and protect the confidentiality, availability, and integrity of its assets.
Hear from AIICO
The Company’s Chief Risk Officer, Mr. Abiodun Adebanjo stated, “We consider the certification as a reward for the collective efforts that have gone into embedding the information security risk management culture within the entire organization, and a reflection of the premium we place on protecting our customers and business data. With this certification, we have taken the necessary and needed steps to protect the Company’s priority information from data breaches, unauthorized access, and other disruptive data security threats to our stakeholders’ data. All hands are on deck, and we will continue to improve and adapt to changing circumstances with the goal of providing adequate and sustainable protection to our information assets.”
Commenting on the certification, the MD/CEO, Mr. Babatunde Fajemirokun said, “We are taking conscious steps towards the fulfilment of our vision of being the dominant insurer in Sub-Saharan Africa, leveraging technology. While investing substantially in technology, we are also mindful of the associated risks and leaving no stone unturned for effective risk management; this is the reason we subjected our systems to BSI’s assessment.” He stated further, “Our valued Customers and other stakeholders stand to benefit more from this endeavour. The implementation is towards a sustainable approach to business continuity, reinforcing our resilience against attacks and strengthening our ability to continue to fulfil our obligations now and in the future.”
The Company is at the forefront of digital innovation with numerous technology-enabled business solutions, and this helped in its business continuity during the pandemic lockdown with the use of technology and invoking its Business Continuity Management System, ISO 22301 certified by the British Standard Institution. It recently launched an artificial intelligence chatbot, Ella, to aid 24/7 interactions with customers via WhatsApp, Facebook Messenger, and Telegram. It also revamped its website and e-business platforms for improved user experience, security, and safety of transactions. Its Agency salesforce recently received a major boost with the launch of a custom-built mobile app, AIICO Express, with numerous features to support their sales efforts and serve customers better and faster.
Information Security Management defines and manages controls that an organization needs to implement to ensure that it is protecting the confidentiality, availability, and integrity of its assets. It has become an absolute necessity for corporate entities to protect their assets in view of the ever-increasing cyber-security threats and vulnerabilities that are ravaging the world today, resulting in significant losses.
The ISO 27001 standard is the highest international standard for information security management and a globally recognized information security standard developed and maintained by the International Organization for Standardization (ISO).
American International Insurance Company Limited is a financial services group with market-leading positions in its key business lines; Insurance, Health Maintenance, and Asset Management. Founded in 1963, AIICO has been serving its clients for over 50 years.
AIICO is the market leader in Retail Life insurance and retirement services and is a market leader in non-life insurance in Nigeria. Their leading insurance asset management and health management businesses complements the core insurance franchise.