RUSSIA’S Ministry of Finance is weighing a shift to mandatory cyber risk insurance for businesses tied to critical infrastructure, aligning it with the existing approach to insurance for hazardous facilities. The proposal, announced by Deputy Finance Minister Ivan Chebeskov on the sidelines of the Moscow Financial Forum, would apply to companies rather than individuals, should a policy move be formalised. At present, no concrete decision has been made and the plan remains under discussion.
Under the idea, cyber risk insurance would function similarly to current mandatory civil liability insurance for owners of hazardous facilities, intended to compensate other organisations and people for damage in the event of an incident. The report notes that the policy would cover organisations linked to critical infrastructure, with the details and scope still unclear as officials weigh how such a regime would operate in practice.
The discussion reflects a broader consideration of mandating financial resilience measures for essential services, though the article emphasises that the obligation has not been enacted and may evolve before any formal adoption.