China has revealed a guideline to boost the healthy development of its burgeoning cybersecurity insurance sector.

This guideline was jointly released by two of the nation’s entities: the Ministry of Industry and Information Technology and the National Financial Regulatory Administration.

According to a report from Xinhua, cybersecurity insurance will improve firms’ ability to cope with cyber issues and thus promote the digital transformation of China’s small and medium-sized enterprises (SMEs).

China is also expected to further improve its supporting policies and regulations, as well as promote the application of cybersecurity insurance among enterprises and cultivate more high-quality cyber insurers. Efforts will also be made to encourage insurers in the country to develop more diverse cybersecurity insurance offerings to meet the different needs of cyber risk management.

Elsewhere in the country, China Life, the nation’s second biggest insurer, is reportedly considering a 10-year tier-two bond to raise between $1 billion and $2 billion.

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