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Iran to Offer Cyber Insurance Services to Local Organizations

Cyber Insurance Iran

For the first time in Iran, Kowsar Insurance Company is going to offer ‘cyber insurance’ services to local governmental and private-held organizations inside the country. During the recent years, other countries have carried out cyber attacks against Iranian organizations, especially Oil Ministry and Nuclear Agency of Iran.

Saeed Hamidifar, Chief Operating Officer of Kowsar Insurance, announced on Saturday that cyber insurance will be presented to a limited number of organizations in Iran in the hope of securing and insuring sensitive data stored in computers and internal networks.

“Security, financial and commercial information of Iranian organizations are very important and priceless. In order to reduce the risks involved in this field, Kowsar Company intends to offer cyber insurance in cooperation with local high-tech companies.” Saeed Hamidifar told the Herald Boy.

Hamidifar also declared the process of cyber insurance services offered by Kowsar. “A team of specialists and experts will determine the current risks of losing data in case of cyber attacks. Kowsar Insurance Company will pay compensations to affected organizations accordingly.”

If the company manages to offer this insurance, Kowsar will be the first insurance company in Iran covering this type of services. Currently, there are numerous companies in Western countries, especially the U.S. and UK, offering cyber insurance services.

It has been said that network breaches and data theft are two of the largest threats to company’s business operations and financial well-being.

In recent years, Iranian government has accused the United States and Israel for conducting cyber attacks against Islamic Republic. Stuxnet and Flame are the names of two prominent computer viruses developed by U.S. and Israel in the hope of damaging Iran’s nuclear facilities. Western countries claim that Tehran is developing nuclear weapons.

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