I. Foreword

The State of Qatar is committed to enhancing cyber security initiatives in the financial sector. Large projects and investments are pushing the economy to compete with leading nations worldwide. In order to ensure its competitiveness and efficiency, the Insurance Sector needs to keep up with the pace of technological evolution and consequently with the current cyber threat environment. Cyber-attacks are threatening the financial stability by disrupting the financial sector and the economy. As with financial risk, cyber risk can be amplified by the interconnectedness of the global financial system.

To this effect, Qatar Central Bank (QCB) has developed this cyber security regulation to address key requirements to ensure a resilient financial sector. It is a must and vital that the Insurance Sector implement such a cyber-security strategy to meet the needs to protect critical assets through a dedicated program. The Management of the Insurance sector organizations need to ensure that effective risk management arrangements are in place, having considered the threats, criticality of assets and the likelihood of various cyber-attack scenarios.