Talking Legal with TEMPLARS: Cybersecurity Insurance in Ghana

They discuss Ghana’s Cybersecurity Act 2020, the designation of Critical Information Infrastructure (CII), and the practical benefits of cybersecurity insurance for businesses facing cyber risks such as ransomware attacks, data breaches, and operational disruptions.

See below the key points from the discussion:

[00:17 – 01:35] The Digital Innovation Challenge

The rapid pace of technological advancement makes it difficult for regulators to keep up. Businesses must take proactive steps to secure their digital operations.

[01:35 – 03:27] Ghana’s Cybersecurity Framework

Ghana’s cybersecurity laws are built on:

Data Protection Act – Ensures data privacy.
Cybersecurity Act 2020 – Establishes the Cybersecurity Authority.
Electronic Transactions Act – Governs digital transactions.

The Cybersecurity Authority plays a key role in oversight, certification, and inter-agency collaboration.

[03:27 – 05:50] Critical Information Infrastructure (CII)

Ghana has 13 designated CII sectors, including energy, healthcare, and finance, which require robust cybersecurity measures to prevent disruptions that could affect national security and economic stability.

[05:50 – 08:01] Cybersecurity Insurance

Cybersecurity insurance protects businesses from financial losses due to cyber incidents. It is not legally required but is increasingly essential for high-risk sectors like finance and telecommunications.

[08:01 – 09:52] Procuring Cybersecurity Insurance

Although insurance penetration in Ghana is low (-1%), businesses are recognizing its importance. The underwriting process includes system vulnerability assessments, penetration testing and policy structuring and periodic reviews. Cybersecurity insurance provides financial protection and operational resilience.

[09:52 – 10:35] Key Takeaways

As cyber threats are on the rise, businesses must assess their exposure, strengthen cybersecurity frameworks, and secure insurance coverage to protect their operations.