cyber insurance

Cisco, Apple, Aon and Allianz on Tuesday announced a new cyber risk management solution for businesses, designed to help a wider range of organizations better manage and protect themselves from cyber risk associated with ransomware and other malware-related threats, which are the most common threats faced by organizations today.

The new solution is comprised of cyber resilience evaluation services from Aon, technology from Cisco and Apple, and options for enhanced cyber insurance coverage from Allianz.

The new solution covers the primary dimensions of cyber protection for businesses. The key elements of the offering include:

Cyber Resilience Evaluation: Aon cyber security professionals will assess interested customers’ cyber security posture and recommend ways to help improve their cyber security defenses.

Cyber Insurance: Allianz evaluated the Cisco and Apple technical foundation of the solution and determined that customers using Cisco Ransomware Defense, and/or qualified Apple products can be eligible for the Allianz-developed enhanced cyber insurance offering, acknowledging the “superior level” of security afforded to businesses by Cisco and Apple technology.

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This, in combination with individual risk insights gained through the Cyber Resilience Evaluation, makes possible the enhanced cyber insurance coverage to Cisco and Apple business customers. Enhancements include market-leading policy coverage terms and conditions, including potentially qualifying for lower, or even no, deductibles in certain cases.

Organizations will have access to Cisco and Aon’s Incident Response teams in the event of a malware attack, according to Apple.

“Ransomware is an evolving risk that impacts every level of an enterprise. Organizations urgently need to be managing these risks from both the technical and the financial perspective,” said Jason Hogg, CEO, Aon Cyber Solutions.

“This holistic solution provides our clients with an integrated approach to addressing ransomware risk. We can provide customers with guidance on what cyber defenses, resources and processes to deploy to improve their cyber posture. It’s the improved cyber posture that makes them eligible for enhanced/broader cyber insurance protection.”

The cyber insurance coverage is underwritten by Allianz Global Corporate & Specialty (AGCS).