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Iran: Insurance regulator promotes cyber cover

Source: Middle East Insurance Review | Jun 2018

The Central Insurance of Iran (CII), the industry’s regulator, is welcoming offers by Iranian insurers to provide coverage against cyber attacks.
 
   “The insurance industry considers any product or service insurable. The process only involves risk assessment to set the premium rate,” head of CII Abdolnaser Hemmati said as he called on insurers to submit their cyber-attack proposals for CII’s approval.
 
   “CII is prepared to review and endorse the proposals for insuring such products,” he told IRNA.
No official figures have yet been published regarding the frequency of hacking attacks targeting domestic businesses and the losses inflicted on Iran’s economy.
 
   The issue of cyber insurance gained urgency after a large-scale attack in April that hit thousands of internet service providers and data centres worldwide, including around 3,500 Iranian devices.
 
   Iran’s telecommunications minister Mohammad Javad Azari Jahromi criticised the government’s cyber attack monitoring centre for failing to detect the attack, despite a warning about it 10 days before the event. M 
 
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