Securing Insurance in a Digital Zimbabwe

By Shingirai Vambe

Cybercrime is fast emerging as one of the most defining challenges of the digital age, reshaping how institutions, businesses and governments think about security, trust and accountability. In Zimbabwe, as in many parts of Africa, the rapid adoption of technology has brought with it a parallel rise in sophisticated cyber threats, ushering in a new era where crime is no longer confined to physical spaces, but increasingly executed through complex digital systems.

What is particularly concerning is the evolving nature of these crimes. No longer limited to external hackers, a growing number of cases involve individuals entrusted with sensitive responsibilities, those with access to systems, data and financial controls, who exploit their positions to manipulate and siphon funds through digital platforms. This shift has exposed deep vulnerabilities within institutions, raising urgent questions about governance, internal controls and the integrity of digital systems.

Across the continent, the rise of organized cybercrime has not gone unnoticed. Regulators and industry players are responding with a mix of policy reform, capacity building and public awareness initiatives. In Zimbabwe, the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has taken a leading role, tightened regulatory requirements and pushed institutions to strengthen their cybersecurity frameworks. Among the key measures introduced is the requirement for organizations to appoint dedicated data protection and security officers, professionals tasked with identifying, preventing and responding to cyber threats in real time.

This growing urgency around cybersecurity has also found expression within the financial services sector, particularly in insurance and pensions, where digital transformation is accelerating. At the recent symposium hosted by the Insurance and Pensions Commission (IPEC) in Victoria Falls, cybersecurity emerged as one of the most critical themes shaping the future of the industry.

Delivering a compelling presentation on “Cybersecurity as a Trust Imperative,” Zelina Francis emphasized that trust remains the cornerstone of the insurance business, but is increasingly under threat in a digitized environment. She warned that cyber risk is no longer merely a technical concern confined to IT departments, but a systemic business risk with far-reaching implications for financial performance, operational continuity and regulatory compliance.

“In the insurance business, trust is our most valuable asset… protecting that trust increasingly depends on how well we manage cyber risk,” she noted, underscoring the reality that insurers, by the nature of their operations, are custodians of vast volumes of sensitive personal, financial and medical data. This makes them prime targets for cybercriminals seeking high-value information.

Adding a broader perspective, Dennis Magaya, Chairman of the Artificial Intelligence Institute Africa and CEO of Rubiem Technologies, challenged stakeholders to rethink the very nature of digital transformation. He argued that the world is transitioning from a phase of simple technological adoption into what he termed an “intelligence transformation”, a shift that will fundamentally alter economic systems, labour markets and business models.

“This is not just about adopting AI technology; it is about a transformation of civilization itself,” Magaya said, pointing to the profound implications artificial intelligence will have on productivity, employment patterns and even inflation. For the insurance and pensions sector, such changes demand a reimagining of risk models, regulatory frameworks and long-term sustainability strategies.

From a regulatory standpoint, Evidence Mazhindu, Deputy Director for the Cyber Incident Response Team and Enforcement at POTRAZ, reinforced the importance of building robust institutional frameworks. He stressed that trust in the digital economy must be anchored in strong compliance systems, guided by the Cyber and Data Protection Act, and supported by clear protocols on data classification, storage and processing.

“Trust must be built on strong institutional frameworks,” Mazhindu noted, highlighting the need for organizations to go beyond compliance and actively invest in cyber resilience.

The consensus emerging from the symposium was, cybersecurity is no longer optional. It has become a fundamental pillar for trust, stability and long-term sustainability in the financial sector. As cyber threats grow in scale and complexity, institutions must treat digital risk with the same seriousness as financial risk, embedding it at the core of strategic decision-making.

Beyond cybersecurity, the symposium also spotlighted the evolving role of insurance companies and pension funds in driving Zimbabwe’s economic transformation. In a session focused on capital markets and sustainability, Norman Maferefa from the Securities and Exchange Commission of Zimbabwe highlighted the central role of institutional investors in shaping market activity. Pension funds and insurers, he noted, are not merely participants in the financial system, but key anchors of liquidity and stability on platforms such as the Zimbabwe Stock Exchange.

From a policy lens, Tatenda Mutasa, a Principal Climate Change Scientist in the Ministry of Environment, reframed climate change as a financial and investment risk. He warned that climate-related shocks are already affecting financial stability and investment portfolios, urging the sector to integrate sustainability into its core strategies.

“Public financing alone is insufficient,” Mutasa said, emphasizing the need to mobilize private and institutional capital, particularly from pension funds and insurers, to support national priorities such as renewable energy, climate-smart agriculture and resilient infrastructure.

Offering a global perspective, Fiona Stewart of the World Bank highlighted the transformative potential of institutional capital, noting that insurance companies and pension funds can play a catalytic role in deepening capital markets and addressing Africa’s infrastructure gap.

Taken together, the discussions painted a picture of a sector at a critical crossroads. On one hand, digital transformation is unlocking new efficiencies and opportunities; on the other, it is exposing institutions to unprecedented risks. At the same time, the growing urgency of climate change and economic development is placing new expectations on institutional investors.

As Zimbabwe advances towards its Vision 2030 ambitions, the future of the financial sector will depend on its ability to balance innovation with resilience, manage digital and climate risks, and align capital with national development goals. In this evolving landscape, cybersecurity, sustainability and strategic investment are no longer separate conversations, they are interconnected pillars shaping the country’s economic future.

Meanwhile, in South Africa, Standard Bank has reported a data breach involving unauthorized access to some clients’ personal information, including names, ID numbers, and company registration details. The bank confirmed that its core banking systems remain secure and were not affected.

The incident, detected on March 23, is under investigation with the help of external experts and has been reported to regulators. In response, the bank is strengthening its security controls and monitoring systems.

Customers have been warned of potential fraud risks, such as impersonation through emails, messages, or calls. To stay protected, the bank advises updating passwords, avoiding sharing personal information, verifying suspicious communications, and registering with the Southern African Fraud Prevention Service for added security.

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