Egypt’s Financial Regulatory Authority (FRA) has ordered non-banking financial institutions (NBFIs) to acquire cyber insurance policies to enhance their cybersecurity systems and protect sensitive IT systems and data. The FRA has selected the insurance sector to kick off this measure, which is part of its plan to enhance cybersecurity in all institutions under its supervision. The regulator is also requiring NBFIs to prepare frameworks for IT governance and risk management, as well as cybersecurity management, and to maintain their customer databases within Egypt. This move aims to ensure the safety of data and the stability of the financial services sector.
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