The Financial Regulatory Authority (FRA) has ordered non-banking financial institutions (NBFIs) to acquire cyber insurance policies among several moves to adopt measures to enhance their cybersecurity system and protect sensitive IT systems and data.
The FRA has selected the insurance sector to kick off this measure, reported Amwal Alghad.
This latest directive is issued within the framework of the Authority’s plan to enhance cybersecurity in all institutions subject to the Authority’s supervision.
The FRA says that the directive is in addition to orders for NBFIs to work on preparing frameworks for IT governance and risk management, as well as for cybersecurity management. The institutions have to submit the frameworks to the Authority after they are approved by the NBFI’s board of directors or trustees. The FRA also requires the NBFIs to maintain their customer databases inside Egypt.
The regulator is working to ensure the safety of data and the stability of the financial services sector.