Allianz, CIB Egypt sign cyber insurance contract
Thursday, 08 13 2020, Category: Banking, Country: Egypt
German insurance giant Allianz has signed a contract with the Commercial International Bank – Egypt (CIB) to provide insurance product that covers cyber risks of banking services.
Mohamed Mahran, Vice Chairperson and Managing Director of Allianz Egypt, said that this highly specialised insurance is the first of its kind in Egypt's banking sector.
Mahran revealed that Allianz will provide multiple insurance coverage for the risks resulting from any potential electronic piracy, whether related to the bank's customer data or operating systems.
The insurance product provided by Allianz also covers damages to digital property, business interruption, and investment expenditures. Mahran added that the insurance policy between Allianz and CIB was effective as of 1 July 2020.