FSA Launch Awareness Campaign on Cyber Risk Insurance

To enhance insurance awareness as effective tool for risk management of innovative insurance products, specifically in the field of digitalization and inherent electronic risk, the Financial Services Authority launched an awareness campaign via various media and social media accounts named # Cyber Risk Insurance because of increased cyber-attacks and cyber risks on various government and private sector entities and the resulting damage on the institutions and their customers.

The campaign aims to highlight the consequences of cyber-attacks and how cyber risk insurance policy can mitigate the risks as a tool of risk management. Cyber risk insurance aims to protect the individuals and enterprises from the consequences of cyber-attacks resulting from using the internet by providing insurance coverage for cyber breaches which lead to service or production interruption and the ensuing losses in revenue as well as breaches of privacy and confidentiality and resultant legal consequences, penalties, reputational damage and loss of customer confidence.

The policy provides the service of engaging cyber security experts to render advice and training for the staff beside restoring the systems and digital assets with quick response in the event of cyber-attacks or breaches.

Some policies also provide additional benefits including contracting with public relations experts to mitigate the impact of cyber-attacks on the reputation of the enterprise, consumers’ confidence especially in the event the institution is subject to extortion and requests for ransom to retrieve the customers’ information/data or electronic systems.

Cyber risk insurance is crucial in the time being due to increased and sophisticated cyber-attacks which causes protection of information and data highly necessary to for sustainable business.