Allianz and CIB Egypt sign cyber insurance contract for banking services

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German insurance giant Allianz has signed a contract with Commercial International Bank – Egypt (CIB) to provide an insurance product covering the cyber risks of banking services.

Mohamed Mahran, vice president and general manager of Allianz Egypt, said the highly specialized insurance is the first of its kind in the Egyptian banking sector.

Mahran has revealed that Allianz will provide multiple insurance coverage for risks arising from any potential electronic hacking, whether related to the bank’s customer data or operating systems.

The insurance product provided by Allianz also covers damage to digital assets, business interruption and capital expenditure. Mahran added that the insurance policy between Allianz and CIB is effective as of July 1, 2020.

He noted that this type of service will boost the Egyptian insurance industry, especially given the global impact of the novel coronavirus (COVID-19) pandemic. This in turn will lead to the maximization of electronic services at all levels, especially in Egyptian banking and financial services.

Mahran stressed that the cyberattack risk coverage supports the state’s drive to increase financial inclusion nationwide and increase reliance on electronic systems in all areas of life.

Sherif Ghattas, Head of Operational Sectors and Member of the Executive Committee of Allianz Egypt, underlined his company’s focus on providing innovative insurance services to meet the demands of the Egyptian market.

These innovations would also meet customer needs, supported by Allianz’s 40 years of experience in the Egyptian market. This is in addition to the excellent technical support from the parent company in Germany, which is one of the largest insurance companies in the world.

Mohamed Sultan, COO at CIB, said the bank places the highest priority on providing maximum protection against cyber attacks to all of its customers.

He said, “We are well aware of the scale and gravity of the rapid developments the world is witnessing in the area of ​​electronic hacking and cyber attacks, so we are working very hard to protect our customers and ourselves from these risks. . ”

Sultan added, “We are always coordinating with our partners in Allianz to deal with these dangers we face, whether traditional or new.”

© 2020 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).


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