Insurance Journal (1st Quarter 2019)

National News
boundary protection, and network segregation if needed.
The insurers' cyber security framework will be able to protect the policyholder data in wake of
enhanced reliance on BPO (business process outsourcing), technology-based agency
arrangements and other strategic partnerships for offering technology based innovative insurance
products and services, SECP said.
The SECP has explained that cyber risk means “any risks that emanate from the use of electronic
data and its transmission, including technology tools such as the internet and telecommunications
networks.”
The SRO said that this risk also includes physical damage that can be caused by cybersecurity
incidents, fraud committed by misuse of data, any liability arising from data storage, and the
availability, integrity, and confidentiality of electronic information be it related to individuals,
companies, or governmesnts.
The SECP has also explained that the insurers gather, store, and maintain substantial volumes of
confidential personal and organisational information, and because of these reservoirs of data,
insurers are potential targets for cyber criminals who seek information that later can be used for
financial gain through extortion, identity theft, or other illegal activities.
The insurance companies have been directed to appoint a senior executive as Chief Information
Security Officer (CISO) having adequate qualification and experience, who will be responsible
for implementation of overall cybersecurity framework within the organisation.
The CISO will be consulted for taking input with regards to cyber risk and required cybersecurity
strategy and framework to be put in place for mitigation of inherent cyber risk.
JS Bank, Allianz EFU signs agreement for health insurance
solution
JS Bank and Allianz EFU have signed an agreement for the sale and distribution of a unique health
insurance solution, covering in-patient hospitalization due to accident or illness. JS Bank, one of
Pakistan's fastest growing banks, is a leading provider of banking and wealth management
solutions in Pakistan. Allianz EFU is Pakistan's First specialized health insurance company.
The agreement was signed by Kamran Jafar – Deputy CEO, JS Bank and Kamran Ansari –
Operational Head, Allianz EFU.
Speaking at the occasion, Kamran Jafar - Deputy CEO, JS Bank, stated “JS Bank aims to create
relevant and unique solutions for its expanding and evolving customer base. Allianz EFU is an
ideal partner for JS Bank given their international experience and being the pioneers of health
insurance in Pakistan. This partnership reflects our commitment to the well-being of our
customers.” Reflecting on the agreement, Kamran Ansari said “Allianz EFU is focused upon
making quality healthcare accessible and affordable for all by introducing quality health insurance
products. We are the first company in Pakistan to offer health insurance to individuals and
families”.
Source: Websites
Insurance Journal January, February, March 2019
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