New guidelines set out for Chinese cybersecurity insurance

Insurance companies will be incentivized to offer diverse cybersecurity insurance services.

The Chinese government issued a guideline to enhance the growth of the cybersecurity insurance sector. 

The guideline outlines plans to refine supporting policies and regulations, encourage the adoption of cybersecurity insurance among enterprises, and foster the development of top-notch cybersecurity insurance providers.

In addition, insurance companies will be incentivized to offer diverse cybersecurity insurance services that cater to various cybersecurity risk management needs.

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The Ministry of Industry and Information Technology and the National Financial Regulatory Administration jointly released the guideline.

Cybersecurity insurance is considered a new type of insurance service that will bolster enterprises' ability to handle cybersecurity challenges, thereby facilitating the digital transformation of small and medium-sized enterprises in the country.