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CII Ready to Promote Cyber Insurance

CII Ready to Promote Cyber InsuranceCII Ready to Promote Cyber Insurance

The Central Insurance of Iran, the industry’s regulator, welcomes offers by Iranian insurers to provide coverage against cyber assaults, CII’s president said.
“The insurance industry considers any product or service insurable. [The process only involves] risk assessment to set the premium rate,” Abdolnasser Hemmati added, calling on insurance companies to submit their cyberattack proposals for CII’s approval.
“CII is prepared to review and endorse the proposals for [insuring] such products,” he told IRNA on Friday.
According to Risknews.ir, no official figures have yet been published regarding the frequency of hacking attacks targeting domestic businesses and the losses inflicted on Iran’s economy.
The issue of cyber insurance gained urgency after a large-scale attack last month hit thousands of Internet service providers and data centers worldwide, including some 3,500 Iranian devices.
Hackers left the image of a US flag on screens along with a warning: “Don’t mess with our elections.” 
The April 6 attack was foiled by Iran Computer Emergency Response Team Coordination Center in two hours.

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