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Cybercrime a reality for Malawi—Expert

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An expert says Malawi needs to put in place strategies to hedge against the risk of cybercrime. The expert, David Micklewood, who works as a consultant for Marsh, one of the leading insurance broking and risk management firms, says with more exposure to the internet and advances in technology, cybercrime is becoming more rampant.

Micklewood said while cybercrime may not be a big problem for Malawi now, the advent of greater access to internet will in the long run put more people and organisations at risk.

“It is a problem that is prevalent in the world and with advances in internet, people are doing things that they were not able to do years ago,” he said.

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Micklewood further said unless controls are put in place, including setting up firewalls, companies in Malawi face even greater exposure to cyber fraud.

Meanwhile, Marsh Malawi Limited has introduced a new product to help companies and individuals mitigate risks such as criminal activity and extends to cyber-fraud.

The product, known simply as Triple B, targets the insurance and banking sectors.

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Marsh Malawi Limited Chief Operating Officer, MacDonald Chafwala, said the product is specialized to counter the risk prevalent in the targeted sectors.

Chafwala was speaking during a business breakfast in Blantyre to introduce the new product to the company’s clients.

“Marsh Malawi tries to understand customer risk and close the gaps created by risk exposures. The product is tailor made for banks and other financial institutions, including insurance companies,” he said.

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