The insurance coverage will support CIB Egypt across multiple cyber risk fronts such as piracy or hacking of its customers’ data and its operations systems
German insurance firm Allianz has signed an agreement with Commercial International Bank – Egypt (CIB Egypt) to provide insurance coverage against cyber risks for its banking services.
Allianz’s Egyptian subsidiary had won the tender to implement the insurance policy at CIB Egypt.
Considered to be specialised insurance and the first of its kind in Egypt, the cyber insurance will offer protection against several cyber risks such as potential piracy or hacking of the bank and its customers’ data or operating system at all of its over 200 branches, damage to digital property, business interruption and investment expenditures.
Allianz had implemented insurance policy retrospectively from 1 July 2020
Allianz Egypt vice-chairperson and managing director Mohamed Mahran stated that CIB taking up the cyber insurance could stimulate growth for the insurance industry in the country, as global repercussions of Covid-19 pandemic had led to maximum digitisation of services at all levels, especially in the banking and financial services.
The move by CIB Egypt to protect its banking services with such cyber insurance is an indication of the state’s approach to increasing financial inclusion while strengthening the reliance on electronic systems in walks of life.
The insurance also exemplifies Allianz’s commitment to the Egyptian market to provide innovative insurance services to meet the market requirements.
Commercial International Bank Egypt chief operating officer Mohamed Sultan stated that the bank has placed highest priority to provide maximum protection against cyberattacks for all of its customers.
He said: “We are well aware of the size and seriousness of the large and rapid developments that the world is witnessing in the field of electronic piracy and cyber attacks, so we are working hard to protect our customers from these risks, and we coordinate permanently with our partners in Allianz to deal with these dangers that we face, whether traditional or new.”
Recently, the insurer announced this year’s second-quarter results, in which it reported an overall fall in its profit by 28.6%.