Iran to Approve Its First Cyber Insurance Provider

The head of Iran's Central Insurance Organization announced the forthcoming approval of a dedicated cyber insurance and Takaful company.

Parviz Khosroshahi stated: "About a month ago, we received a request for cyber insurance. In the Supreme Insurance Council, we decided to approve this request. However, they are not allowed to sell policies in other fields that are more profitable for some time. This ensures their ability to succeed in the main field, which is cyber insurance."

Limitations for Initial Implementation of Cyber Insurance

Khosroshahi emphasized: "If we seriously commit to this, we can develop cyber insurance. However, selling cyber insurance policies immediately is not feasible at this stage."

Cyber insurance is designed to cover damages caused by cyberattacks. Globally, common coverage includes third-party liability coverage, data recovery costs, business interruption coverage, ransomware expenses, and cybersecurity investigation costs.