New type of insurance may appear in Azerbaijan

It is important to create a new type of insurance - cyber risk insurance in Azerbaijan, said Rashad Azizov, head of the Department for Innovation Development of the Information Society and Electronic Governance of the Ministry of Transport, Communications and High Technologies of Azerbaijan, Trend reports May 17.He made the remarks at the FINTEX (Finance and Technology) Summit on the topic “Security in the digital ecosystem.”

Azizov said that in connection with the development of information technologies, it is important to pay attention to protecting information and databases from cyber attacks. The head of the department noted that initiatives to reduce the level of threats to cyber security are growing in the world.

In this regard, the creation of cyber insurance is very relevant, he added. Azizov urged Azerbaijani insurance companies to create a new cyber-risk insurance product.

He noted that the financial technologies market is growing rapidly and, as an example, he noted that investments worth $111.8 billion were made into the financial technologies market in 2018.

Azizov also stressed that startups play an important role in the development of financial technologies.

He noted that the Ministry of Transport, Communications and High Technologies of Azerbaijan provides support in creating startups and regularly grants funds for the implementation of various projects. In this regard, Azizov urged banks to cooperate with the Agency for Innovations under the Ministry.

17.05.2019 15:22 / Hits: 126 / Print
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