Allianz to insure CIB’s cyber risks of banking services

CIB has signed a contract with Allianz to provide an insurance product that covers the cyber risks of banking services such as electronic piracy or damages to digital property, interruption, and investment expenditures, according to Al Masry Al Youm. The insurance policy, which is the first of its kind in Egypt, came into effect on 1 July 2020. No details have been provided on the cost of the contract.