Google Cloud partners with Munich Re and Allianz Global Corporate & Specialty to provide cloud specific cyber insurance
Google Cloud partners with Munich Re and Allianz Global Corporate & Specialty to provide cloud specific cyber insurance.
The starting point for the cooperation is the continuing trend towards cloud usage: for a majority of larger organisations, the cloud has already been embraced as a way of doing business. Further, parts of corporate IT – including core applications –are moving to the cloud following the increased digitalisation trend.
Organisations are therefore striving to create a technically robust security environment for themselves in the cloud. They also seek to mitigate and insure against any remaining risks.
“By combining the expertise of three industry leaders we address the specific risk management needs of organisations that are moving their business to the cloud. Embedded in an efficient underwriting process, our solution Cloud Protection + provides a holistic response to cyber risk,” said Stefan Golling, member of the board of management.
The cloud-specific security expertise of Google Cloud, together with the risk transfer expertise of Munich Re and AGCS, is incorporated into the product. Google Cloud customers are able to retrieve an individualised report on their security position on the platform using their Risk Manager tool, which offers actionable insights into their risk exposure. When applying for coverage, organisations share the Risk Manager report with insurers, which is then used as part of the application and underwriting process.
The policy will initially be offered to Google Cloud customers in the US and will be available to organisations with revenues of between $500m and $5 billion. At a later stage, the scope will be extended to include organisations in other revenue segments and countries.