Cyberattacks may start to be insured according to the principle already in effect for hazardous facilities. The Russian Ministry of Finance is discussing the possibility of making cyber risk insurance mandatory for businesses associated with critical infrastructure. This was stated by Deputy Finance Minister Ivan Chebeskov on the sidelines of the Moscow Financial Forum.
According to Chebeskov, this refers specifically to companies, not individuals. However, there is no concrete decision yet on introducing the new obligation — the issue is still under discussion.
Currently, mandatory civil liability insurance for owners of hazardous facilities is already in effect in Russia. Such insurance is needed to compensate for damage caused to other organizations and people in the event of an accident.
The Ministry of Finance is considering using a similar approach for cyber risks. As Chebeskov explained, mandatory insurance makes sense when its positive effect outweighs potential negative consequences.
At the same time, the Deputy Minister specifically noted that there is no intention to unreasonably increase the burden on businesses. According to him, cyber risks are becoming comparable in significance to risks associated with the operation of hazardous facilities.
Cyber insurance is already present in the Russian market. Insurers offer companies products related to protection against the consequences of cyberattacks and other similar incidents. The Bank of Russia also previously classified cyber risk insurance as a promising area for property and liability insurance for legal entities.