Cybastion Champions Cyber Insurance as Africa’s Next Line of Defense Against Rising Digital Threats

Top executives from the financial services sector, insurers and regulators in Africa convened on November 4 for a TED Talk-style Masterclass on cyber insurance and digital security led by Cybastion  at the Africa Financial Summit (AFIS) in Casablanca, Morocco.

Africa has the world fastest growing digital market, yet the continent recorded an increase of over 20% in cyberattacks in 2024, cites INTERPOL.

Given the rapidly evolving digital threat landscape, Armand Tchokokam, Executive Vice President and Global Chief Financial Officer, emphasized that the Masterclass aimed to offer a comprehensive framework for understanding and managing cyber risks in Africa and give executives an opportunity to help shape Cybastion’s new cybersecurity product in development.

In a TED Talk-style presentation, Andre Biyong, Cybastion’s Chief Operating Officer, introduced the company’s new cyber insurance solution, which helps organizations convert uncertain potential losses into measurable, controllable costs.

Biyong guided attendees through each step of how cyber insurance works. Cybastion’s cyber insurance solution, expected to be released in 2026, will be tailored specifically to the African market.

Despite increased efforts by African governments and companies to strengthen cybersecurity, the continent remains highly vulnerable. Cyber insurance does not replace cybersecurity measures and good practices but complements it, Biyong emphasized.

The presentation ended with a call-to-action for making cyber insurance compulsory in critical sectors and building a robust insurance ecosystem with key stakeholders, including insurers, reinsurers, insurtechs, and
regulators.

Christian-Cédric Fotso, Cybastion’s Chief Distribution Officer and Eric-Franklin Tavares, Senior Advisor, provided their expertise on the cyber insurance solution and weighed in on its technical aspects.