ArmInfo. The Central Bank of Armenia is working on creating an insurance mechanism for clients who have suffered losses due to cybercrime. RA Central Bank Chairman Martin Galstyan announced this in an interview with the research website Hetq.
He explained that this product will allow anyone to purchase an insurance policy at an affordable price and, in the event of a cyberattack resulting in a loss of funds, receive their funds back, which will be paid out jointly by insurance companies and banks.
Galstyan also spoke about another product capable of protecting clients from cybercrime: the STOP tool. According to the head of the Central Bank, anyone can use this tool to block online lending in their banking app. If a fraudster gains access to a client's phone and banking app, this restriction will prevent them from applying for any loans. To obtain a loan, a citizen will have to visit the bank in person.
"It's difficult to say how effective this product is, as we've only just launched it. But I can definitely say that the noise surrounding cybercrime has significantly died down," Galstyan noted.
