Paris 8th September : France’s Ministry of Economy, Finance, and Industrial & Digital Sovereignty announced an action plan to create cyber risk insurance.According to the ministry, digitization of the economy can create new vulnerabilities for businesses which contribute, in particular, to the rise of cyber-related risks, Xinhua news agency reported.
“As they grow in quantity, frequency and sophistication, cyberattacks now can make a difference to the viability of the business,” the ministry said in an announcement and said that “resilience to cyber-related risks is therefore a key concern of sovereignty.”
“Cyber risk is currently uninsured and accounts for only about 3 percent of insurance coverage for damages for professionals” ministers said.
The action plan consists of four major components, which clarify the lawful framework of cyber risk insurance encouraging the better understanding of cyber-related risks, enhancing the sharing of information on risk between insurers, policyholders, and reinsurers with innovative ways of insurance and accelerating the efforts to increase awareness of cyber-related risks to businesses.
The ministry will establish an task force by the at the end of September, to follow the rules.
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