China unveils guideline on cybersecurity insurance development

China has released a guideline to boost the healthy development of the cybersecurity insurance sector.

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

As a new type of insurance service, cybersecurity insurance will improve enterprises' ability to cope with cybersecurity issues, thus promoting the digital transformation of the country's small and medium-sized enterprises.

The country will further improve the supporting policies and regulations, promote the application of cybersecurity insurance among enterprises, and cultivate more high-quality cybersecurity insurers, said the guideline.

Efforts will also be made to encourage insurance companies to develop more diversified types of cybersecurity insurance services to meet the different needs of cybersecurity risk management, it added.