On Tuesday, July 26, ABJ held a workshop entitled “Cyber Insurance” in cooperation with APEX, one of the leading companies in providing smart and comprehensive services for reinsurance, risk management and advisory services worldwide.

The workshop, which took place over two hours at the association’s headquarters, aimed to introduce the importance of cyber-risk insurance for financial institutions in addition to clarifying the general aspects of the insurance coverage provided with the most important exceptions and standard conditions. The workshop included a general background on the subject of cyber insurance and reviewed some misconceptions about its importance including the belief that the network is not vulnerable to cyber-attacks, cyber risks are under control, or it can be outsourced. The workshop also touched on the concept of traditional crime versus cyber-crime in terms of measurement, access, speed, techniques and perception.

The workshop demonstrated the main areas of cyber insurance coverage, common conditions and exceptions and provided a global overview of the reality and trends of cyber risks in the world.

The workshop was inaugurated by Fadi Mashharawi, Director of Studies, Policies and Planning Department in the association, on behalf of the Director General, Dr. Maher Al-Mahrouq, noting that this activity comes in light of the great relationship that combines the banking and insurance sectors noting that the importance of the workshop stems from the rapid growth in cybersecurity issues and the necessity of identifying the practical, effective and modern methods of dealing with cyber risks.

The workshop was attended by Amjad Al-Jit, Director of Planning and Consulting at APEX, and Bassem Haddadin, the consultant and insurance expert in the company. A large number of representatives of the member banks also participated in the event.