Central Insurance company of Iran (CII), the regulatory body of Iran’s fast growing insurance industry, is working on a scheme to cover bank accounts against cyberattacks.

According to Gholamreza Soleymani, the CII president, the plan seeks to protect policyholders against phishing scams, adding that it could be approved before the current fiscal year is out next March.

Pointing to the complex nature of cyberattacks, he said, "Latest analyses of cyber risks based on Cyber Police data is needed for finalizing the coverage framework, including feasible ways to identify loss, assessing risks for insurers and policyholders, setting rates based on impacting factors, clearly defining insurers’ commitment and developing a framework for marketing and supervision," IRNA quoted him as saying.