In the developed countries, there is a cyber insurance provides cyber security and compensation if users or organizations face cyber attack. In spite of the extreme risk of cyber attacks, there are no initiatives in Bangladesh to ensure cybersecurity or compensation regarding the cyber attacks.   

Concerned people said this system should have been introduced earlier. If cyber insurance was available, Bangladesh bank could have regained some money as compensation from the concerned insurance company as it had faced loot of US$951 million through a cyber attack.

Cyber insurance is available in many European countries including the UK, Australia, and Sweden. In 2016, in the United States, $ 2.5 billion was spent due to cybersecurity insurance. 

Meanwhile, Western Sydney University has published a research paper named 'Cyber Security and Cyber Crime Principles' where it is said that ‘Cyber Insurance’ is a fast-growing sector in the insurance sector that protects a company from risk and losses of major losses.

Bangladesh Insurance Association (BIA) president Sheikh Kabir Hossain told the Bangla tribune that, they have plans to start cyber insurance in the country. However, there are some problems regarding its implementation.

He said, ‘This is a new product in the insurance sector. Insurance experts do not want to place it in the market as market is not ready yet. However, we are interested to introduce cyber insurance.’

According to BAI president, private insurance companies are not interested in this sector. If government aids in this sector, it will be possible to introduce cybersecurity insurance. He urged the government, donor agencies and the World Bank to come forward to introduce cyber insurance.

Generally, under cyber-insurance agreement companies works for the cyber safety of their customer institutions like e-commerce, banking and financial institutions, government-owned offices, courts, hospitals, various social services and business organizations.  At the same time, it is a compensation service like other insurance services. Under an agreement, the service providers look after the security of the personal or the organization's computer. But before that the customer organization has to establish a strong security system of its own. If the computer data are damaged or lost because of the cyber attack, then the insurance company gives compensation to the customers.

Imdadul Haque, general secretary of the Internet Service Providers Association Bangladesh, (ISPAB) said cyber insurance must be introduced in Bangladesh. If cyber insurance is made compulsory then cyber attacks will lessen automatically.

Cybersecurity analyst Sumon Ahmed Sabir said, ‘Actually there is no other option of security insurance. To get cyber insurance, the organization has to meet the terms and conditions of the insurance company. As a result, the customer organization has to establish a strong security system of its own. The cyber attack rate will also decrease when cyber-insurance is introduced in the largest companies of the country.’