CIB Signs Insurance Policy with Allianz against Electronic Piracy

Allianz Egypt signed on Sunday an insurance policy with the Commercial International Bank (CIB) to secure banking services against acts of electronic piracy.

Mohamed Mahran, Vice Chairman and Managing Director of Allianz Egypt, said that the insurance company won a tender to implement an insurance policy with the CIB, noting that this highly specialized coverage is one of its kind issued to the banking sector in Egypt.

Mahran added that Allianz that according to the policy, Allianz will provide multiple insurance coverage for the risks resulting from any potential electronic piracy acts, whether it is related to the bank’s customer data or the bank’s operating systems in all CIB branches, as well as damage to digital property, business interruption, and investment expenditures, indicating that the insurance will be activate starting July 1, 2020.

Mahran added that this type of insurance services will move the insurance sector to a new stage, especially in light of the global repercussions of the corona pandemic, which led to the maximization of the role of electronic services at all levels, especially banking and financial services.

He said that covering the risks of cyber attacks supports the state’s approach to maximizing the applications of financial inclusion systems and increasing reliance on electronic systems in all aspects of life.

On his part, Mohamed Sultan, Chief Operating Officer at the Commercial International Bank (CIB), said that the bank places the highest priority on providing maximum protection to all its customers against any cyber attacks.

He added: "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."

It is noteworthy that Allianz is an international financial services provider, which offers over 86 million customers worldwide products and solutions in insurance and asset management.