The Russian Ministry of Finance is considering mandatory cyber risk insurance for critical infrastructure

The Russian Ministry of Finance is considering the possibility of introducing compulsory cyber risk insurance for critical infrastructure facilities.

Deputy Minister of Finance of Russia Ivan Chebeskov noted that the advantages of such insurance may outweigh the negative effect of possible losses.

Currently, owners of hazardous production facilities in Russia are required to insure them, and a similar rule may be introduced for cyber risks.

MOSCOW, September 28 - RIA Novosti. The Russian Ministry of Finance is assessing the possibility of introducing compulsory cyber risk insurance for critical infrastructure facilities, Deputy Minister of Finance of Russia Ivan Chebeskov said in an interview with RIA Novosti on the sidelines of the Mosfinforum.

“Cyber ​​risk insurance is now being discussed... This is possible for critical infrastructure, similar to compulsory insurance of dangerous objects. Not for citizens, but specifically for business,” Chebeskov said, answering a question about possible types of compulsory insurance that may appear in Russia.

Now owners of hazardous production facilities in Russia are required to insure them so that in the event of an accident, the insurance will cover harm caused to other organizations and people.

“Compulsory insurance is introduced when its advantages outweigh the negative effect of possible losses. No one plans to unreasonably introduce additional burden on business, but cyber risks are becoming no less important than the risks associated with the operation of dangerous facilities,” Chebeskov said.