Client Overview

Effacc Insurance Brokers Limited is a leading insurance brokerage firm in Nigeria, providing risk management solutions and financial protection services to a diverse clientele. As a financial services company, Effacc manages vast amounts of sensitive customer data, making cybersecurity a critical business priority.Filtering

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Challenges

Before engaging Madison, Effacc Insurance Brokers Limited faced several cybersecurity challenges, including:

• Regulatory Compliance Concerns: Ensuring adherence to NAICOM guidelines, NDPR, and global cybersecurity standards.

• Data Protection Risks: Exposure to cyber threats due to legacy systems and a lack of structured data protection protocols.

• Phishing and Social Engineering Attacks: Increased vulnerability to cyber fraud targeting employees and customers.

• Limited Incident Response Capability: Lack of a comprehensive incident response plan to mitigate security breaches.

Our Approach

Madison developed a tailored cybersecurity strategy for Effacc, ensuring robust security frameworks, compliance adherence, and proactive risk management. Our engagement followed a structured methodology:

1. Cybersecurity Assessment & Gap Analysis

   • Conducted a comprehensive risk assessment to identify vulnerabilities in Effacc’s IT infrastructure.

   • Mapped existing security controls against NDPR and NAICOM compliance standards.

   • Analyzed threat intelligence data to identify sector-specific cyber risks.

2. Security Framework Development

   • Designed a Cybersecurity Governance Framework, aligning with NIST and ISO 27001 standards.

   • Implemented role-based access controls (RBAC) to ensure restricted data access.

   • Deployed multi-factor authentication (MFA) for critical systems.

3. Data Protection & Encryption Strategy

   • Enforced end-to-end encryption for customer and financial data.

   • Implemented Data Loss Prevention (DLP) policies to mitigate unauthorized data transfer.

   • Conducted staff training on data handling best practices to prevent accidental breaches.

4. Threat Detection & Incident Response Planning

   • Integrated Security Information and Event Management (SIEM) tools for real-time threat monitoring.

   • Developed an Incident Response Plan (IRP), outlining response protocols for cyber incidents.

   • Conducted simulated cyber attack drills to test organizational resilience.

5. Employee Awareness & Training

   • Launched a Cybersecurity Awareness Program with monthly phishing simulations.

   • Trained employees on identifying and reporting cyber threats.

   • Established an internal cyber incident reporting mechanism.

Implementation Results

Following the implementation of Madison’s cybersecurity strategy, Effacc Insurance Brokers Limited achieved significant improvements in security posture:

• Regulatory Compliance: Achieved full compliance with NDPR and NAICOM cybersecurity regulations.

• Incident Reduction: 40% decline in phishing-related incidents within the first six months.

• Enhanced Threat Detection: Reduced system vulnerabilities by 65% through proactive security patching and monitoring.

• Improved Employee Cyber Hygiene: 85% of employees successfully identified simulated phishing attempts post-training.

Conclusion

Madison’s strategic cybersecurity intervention transformed Effacc’s risk posture, enhancing resilience against cyber threats. By integrating a proactive security framework, strengthening compliance measures, and fostering a culture of cybersecurity awareness, Effacc is now well-equipped to protect customer data and maintain business continuity in an evolving cyber threat landscape.

Next Steps

To sustain these security gains, Madison continues to provide:

• Quarterly Security Audits & Compliance Reviews

• Advanced Threat Intelligence Services

• Ongoing Cybersecurity Training & Awareness Programs

• Incident Response Readiness Support

This case study highlights Madison’s expertise in delivering tailored cybersecurity solutions that drive security maturity and operational confidence for Nigerian financial service providers like Effacc Insurance Brokers Limited.