According to the insurers, the exclusive program offers a ‘new type of protection against cyber incidents.’
“It is optimal for industry peers to establish custom products that move the needle in today’s corporate environment,” said Jody Yee, managing director for alternative risk transfer at AGCS, in a statement. “We are meeting latest coverage needs with viable solutions to meet changing business dynamics.”
Allianz Global Corporate & Specialty (AGCS) and Munich Re have partnered to provide state-of-the-art cyber insurance coverage exclusively to U.S.-based customers of Google Cloud. The solution called “Cloud Protection +” is designed for Google Cloud users enrolled in Google’s Risk Protection Program, which includes the new coverage scheme and a tool that helps customers determine security risks on the cloud.
“As one of the top three global business risks in the Allianz Risk Barometer 2021, cyber risk is complex and ever-changing, and cloud exposures are among today’s most relevant threats,” Thomas Kang, North American head of cyber at AGCS, said in a press release. “To address a developing market need with Munich Re along with a major cloud platform provider such as Google Cloud is ideal. We not only obtain valuable insights on a company’s security posture but remain at the forefront of understanding and managing emerging risks associated with cloud architecture and latest client needs.”
The cloud’s security and reliability remain a top concern for cloud customers as data breaches and outages become increasingly common. According to the Allianz Trends in Cyber Risk report, business interruption stemming from security issues is the top cost driver behind cyber claims, accounting for nearly 60% of the value of all claims analyzed.
Cloud Protection + offers a new type of protection against internal corporate cyber incidents and incidents related to Google Cloud. The product allows Munich Re and AGCS to utilize Google Cloud’s proprietary assessment tools to harness stronger underwriting variables, yielding a more data-driven risk evaluation and underwriting process.