News Middle East10 May 2020

Egypt:Insurance body points to need for formal cyber risk framework

10 May 2020

The Insurance Federation of Egypt (IFE) has said that there is a need for a formal framework for identifying and managing cyber risk.

The association said that most businesses are not fully aware of the increased risk of cyber attacks, and thus have yet to take countermeasures, according to a report by Al-Bawaba News.

The recent Global Risks Report 2020 issued by the World Economic Forum in cooperation with Zurich says that cyber attacks are as the second largest threat to global companies in the next decade.

Several businesses have seized the opportunities opened up by digital transformation, artificial intelligence (AI), and the mobile fifth generation networks (5G) to achieve more profits, but cyber criminals have also taken advantage of the same technology to achieve their goals, whether through cyber attacks, fraud or data theft. 

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