FSA Launches Awareness Campaign on Cyber Risk Insurance

To enhance insurance awareness as effective tool for risk management and to introduce innovative insurance products which  come which the changes, specifically in digitalization fields and the resultant risk, the Financial Service Authority launched an awareness package in various media and social medial accounts under the hashtag # cyber risk insurance, after increased cyber attacks  and cyber risks on various government and private sector entities as such attacks cause gross damage to the institution and its customers.

The campaign aims to introduce the consequences of cyber attacks and how cyber risk insurance policy would mitigate as risk management tool. Cyber risk insurance aims to protect from the consequences of cyber attacks resulting from using the internet by providing insurance coverage from cyber breaches which lead to disruption in the service and productivity and the accompanying loss in revenues. It also covers the privacy and confidentiality from legal consequences and penalties plus damage to reputation of the institution and customer confidence.

The policy provides the service of assistance of experts in cyber security to give advice and employees’ training as well as recovery of digital systems and assets with quick response in case of cyber attack or breach.

On the other hand, the policy would provide additional benefits including contracts with experts in public relations to mitigate the impact of cyber attacks on the institution’s reputation and customer confidence especial in case the institution is exposed to cyber extortion and request for ransom to recover customers’ data or systems.