Egypt – Insuring banking transactions
Wednesday, 04 25 2018, Category: Technology, Country: Egypt
The Egyptian Financial Supervisory Authority is studying the possible insurance of banking transactions against cyber-attack risks.
Dr. Mohamed Omran, chairman of the Financial Regulatory Authority said during the opening session of “The Life Insurance Forum” that a committee, which includes the Authority and the Central Bank is currently studying the mechanisms and insurance options to cover these risks.
In fact, the banking sector is expanding its electronic services and the central bank allowed banks to offer more services through the internet such internet banking, mobile banking, electronic portfolios. Additionally, banks started performing tests on big data and fintech.
Source: Al Borsa