Apple, Cisco team up with insurance companies to offer cyber policy discounts

Feb 07, 2018, 01:24
Apple, Cisco team up with insurance companies to offer cyber policy discounts

Losses from cyber threats are outpacing investment in IT security, adoption of cybersecurity insurance is low, and it's hard for businesses to understand and manage cybersecurity risks effectively, Cisco said in a statement.

Technology giant Apple, endpoint security solutions provider Cisco, risk and resilience solutions prover Aon, and digital insurance company Allianz yesterday announced a four-way partnership for a new cyber risk management solution. Low adoption of cyber insurance, a fragmented security tech market, the security skills shortage and any active adversary all make up a melting pot of problems for organisations trying to understand and manage risk. Described as an industry-first, the offering comprises not only enhanced cyber cover but also security technology, secure devices, and cyber security domain expertise. At the Cisco Live event last June, Apple CEO Tim Cook and Cisco CEO Chuck Robbins publicly spoke about an effort to work together to help enable cyber-security insurance.

Policyholders that are victims of a cyber attack will receive support services from either Cisco or Aon, the companies said. To be able to access the product, businesses must be actively using Apple hardware products or Cisco's Ransomware Defense solution.

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"There is a cyber-risk evaluation that Aon does that measures the cybersecurity controls that a customer has in place, so the results of that will be shared with the customer", Sivasankaran said.

"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".

"This holistic solution provides our clients with an integrated approach to addressing ransomware risk".

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Policies begin with what Cisco calls a cyber resilience evaluation by consulting firm Aon to assess customers' security posture and make recommendations for improvement. We can provide customers with guidance on what cyber defenses, resources and processes to deploy to improve their cyber posture.

Allianz's cybersecurity insurance will be offered to customers using Cisco Ransomware Defense and qualified Apple products.

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.

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