The technology giants Apple and Cisco have joined hands with the insurer Allianz to offer attractive discounts on cyber insurance to business that primarily use products of both of these organizations.
Aon, a global insurance broking service provider, is acting as an insurance broker in this arrangement. It will help businesses to strengthen and fortify their cyber security defenses and make them eligible for to score more favorable terms of cyber coverage, such as lower or no deductibles. Aon will also provide support services to businesses in the event of a cyber-attack.
The businesses that use Cisco Ransomware Defense Malware-blocking software and certain Apple devices will be eligible for applying for the special cyber insurance through specialty line of Allianz. The policyholders that might become victim to a cyber-attack will receive support from either Cisco or Aon.
Apple’s CEO Tim Cook said, “The choice of technology providers plays a critical role in any company’s defense against cyber-attacks. That’s why, from the beginning, Apple has built products from the ground up with security in mind, and one of the many reasons why businesses around the world are choosing our products to power their enterprise. iPhone, iPad and Mac are the best tools for work, offering the world’s best user experience and the strongest security. We’re thrilled that insurance industry leaders recognize that Apple products provide superior cyber protection, and that we have the opportunity to help make enhanced cyber insurance more accessible to our customers.”
The insurance offering has the following key elements:
- Cyber Resilience Evaluation: Aon’s cyber security professionals will evaluate the customer’s cyber security posture and make recommendations to improve the cyber security defenses.
- Cyber Insurance: The businesses that use Cisco Ransomware Defense Malware-blocking software and certain Apple devices will be eligible for applying for the special cyber insurance through specialty line of Allianz. The policyholders that might become victim to a cyber-attack will receive support from either Cisco or Aon. The Cisco Ransomware software, qualified Apple products, and the cyber resilience evaluation together enable business to have an enhanced cyber insurance coverage. These enhancements include market-leading policy and coverage terms and conditions and potentially lower or almost no deductions.
- Cisco Ransomware Defense software; this software offers with advanced email security, next-generation endpoint protection, cloud-delivered malicious internet site blocking is also part of the suit.
- Tight integration of hardware, software, and services of iOS-based products: Products, such as iPhone, iPad, Mac to ensure each component of the system is trustworthy. Always-on hardware encryption, support for secure networking protocol like Transport Layer Security (TLS) and VPN are some of the offerings.
- Incident Response Services: Businesses will be supported with Cisco and Aon’s Incident Response Teams in the event of a malware attack.
Jason Hogg, chief executive officer of Aon Cyber Solutions, said in an interview, “The key here is a holistic approach to cyber.” Aon Cyber Solutions helped develop this product. The product offers help in streamlining the cyber security businesses. In the current scenario, these businesses operate in “siloed manner” where every function, such as technology to legal is playing a separate role.
The growing number of cyber-attacks on the technology systems is alarming and is a matter of grave concern for companies. The cybercrime insurance, which was quite unheard of before a few years is becoming more and more important. The companies like Equifax and Target have fell prey to cybercrime and have paid dearly for it. Resultantly, this insurance is getting more traction.
According to the data provided by the National Association of Insurance Commissioners, the U.S. cyber security premiums totaled $1.35 billion in 2016. This amount is minor compared with other premiums, such as commercial line insurance, but indeed this is a fast growing market in which insurers are trying to distinguish themselves.
Apple’s CEO Tim Cook said in June that his company and Cisco is collaborating to get cyber insurance for businesses that are using their products. According to Cook, the combination of products from Apple and Cisco are more secure than any other competing technology.
Apple is known for its consumer devices. It has also embraced business users in recent years by adding more security features in iPhones and iPads. According to Cook, Apple was generating at least $25 billion in sales to businesses back in 2015.
The product is now available and more information is available at: https://cisco.com/go/cyberinsurance