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.
He noted that this type of service will stimulate Egypt’s insurance sector, especially considering the global repercussions of the novel coronavirus (COVID-19) pandemic. This will, in turn, lead to the maximisation of electronic services at all levels, especially in Egypt’s banking and financial services.
Mahran stressed that covering the risks of cyber-attacks supports the state’s drive to increase financial inclusion nationwide, and increase the reliance on electronic systems in all walks of life.
Sherif Ghattas, Head of Operations Sectors and Executive Committee Member at Allianz Egypt, stressed his company’s keenness to provide innovative insurance services to meet the Egyptian market’s requirements.
These innovations would also fit the needs of customers, supported by Allianz’s 40-year experience in the Egyptian market. This comes in addition to the great technical support from the parent company in Germany, which is one of the largest insurance companies in the world.
Mohamed Sultan, Chief Operation Officer at CIB, said that the bank places the highest priority on providing maximum protection against any cyber attacks for all its customers.
He said, “We are well aware of the size and seriousness of the rapid developments that the world is witnessing in the field of electronic piracy and cyber attacks, so we work very hard to protect our customers and ourselves from these risks.”
Sultan added, “We always coordinate with our partners in Allianz to deal with these dangers that we face, whether traditional or new.”