Apple and Cisco team with insurers to offer discounted cybersecurity insurance

07 February 2018, 01:22 | Myrtle Hill

Cisco, Apple, Others Team on Cyber Risk Management, Insurance

Apple, Cisco Team Up With Insurance Companies to Offer Cybersecurity Discounts for Businesses

Low adoption of cyber insurance combined with a fragmented security technology market and a security skills shortage means it is hard for many organisations to understand and manage this risk effectively. Cisco, Apple, Aon, and Allianz are bringing together the key pieces needed to manage cyber risk: security technology, secure devices, cybersecurity domain expertise, and enhanced cyber insurance.

Cyber Insurance: Customers using Cisco Ransomware Defense and/or certain Apple products will be eligible to receive the Allianz-developed enhanced cyber insurance. Businesses that now use Cisco's Ransomware Defense and certain Apple devices will then be able to apply for special cyber insurance through Allianz SE.

Steve Benvenuto, senior director of Cisco's Global Security Partner Organization, said this is a "conversation around risk mitigation, around cyber insurance that we've really seen accelerate within the partner community over the last six to nine months as we've seen more ransomware attacks".

"The choice of technology providers plays a critical role in any company's defense against cyber attacks", said Apple CEO Tim Cook. He believes this encourages businesses to use Apple products in their enterprises.

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Policyholders that are victims of a cyber attack will receive support services from either Cisco or Aon, the companies said.

"Ransomware is an evolving risk that impacts every level of an enterprise". We can provide customers with guidance on what cyber defenses, resources and processes to deploy to improve their cyber posture.

The new solution is created to improve firms' management and protection from cyber risk associated with ransom-ware and other malware-related threats, which are the most common threats faced by organisations today.

"This strategic alliance with Aon, Apple and Cisco allows us to provide a unique solution to companies using this integrated platform to manage risk and ultimately strengthen their battle against high-profile threats". Cyber security professionals from Aon are also involved early on, assessing clients' cyber resilience and recommending ways to improve defenses against threats - with customers' improved cyber posture helping them qualify for the enhanced cover. Now with Apple, Cisco and the insurance companies working together, organisations will be able to take advantage of a streamlined cyber security strategy.

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