BAKU, Azerbaijan, May 26
By Sadraddin Aghjayev - Trend:
Digitalization of the business sector of Azerbaijan and the products of insurance companies will contribute to the expansion of the segment of insurance products against cyber-attacks in the near future, insurance expert Ali Bayramov told Trend.
“Digitalization will allow many insurance companies in Azerbaijan to expand both the range of services offered and the client base. At the same time, it will contribute to the most efficient provision of insurance services. The digitalization of insurance activities is in no way associated with a reduction in the number of employees,” he said.
Bayramov noted that in the process of digitalization, insurance companies must adhere to global standards.
“This will also contribute to the establishment of Azerbaijani insurance companies of cooperation with international companies and will enable foreign citizens, including tourists, to purchase local insurance products even before visiting our country,” the expert said.
According to Bayramov, digitalization of services makes it possible to get away from paperwork, which will subsequently reduce the costs of companies.
In the context of digitalization, a particular sector can become a target for cybercriminals, and insurance companies are no exception,” he noted.
"Some countries are introducing compulsory cyber risk insurance for companies in certain activities," the expert said.
Currently, the ‘Cyber Insurance’ policy in Azerbaijan is provided by Ateshgah Insurance Company.
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