Google Cloud has expanded its Risk Protection Program (RPP) to more than 30 markets across EMEA and has added new cyber insurance partners, Beazley and Chubb, alongside founding partner Munich Re.
Google Cloud’s RPP is said to blend cloud security insights with insurance industry expertise to offer Google Cloud customers customised, competitively priced cyber insurance.
This includes coverage for emerging AI-related risks and advanced threats like quantum-enabled attacks.
“Using Google Cloud’s Cyber Insurance Hub, customers can generate real-time reports on their cloud security posture, which can be shared directly with insurers to enable smarter, faster, and lower-friction underwriting,” Google Cloud explained.
As mentioned, new partners Beazley and Chubb join founding partner Munich Re, which is also expanding its collaboration by onboarding Munich Re Speciality and its SMB-focused subsidiary HSB.
“Together, these leading insurers around the world will help deliver more tailored, accessible, and risk-aligned coverage for Google Cloud customers globally,” Google Cloud said.
The firm continued, “This update comes at a critical moment for sectors like retail, where a string of recent ransomware attacks could potentially drive a surge in cyber insurance premiums.
“After a period of falling prices, brokers are now warning of double-digit rate hikes and tougher underwriting across industries – from retail to healthcare and transportation. Most importantly, brokers are expecting increased scrutiny on cybersecurity controls, which the Risk Protection Program can help both customers and insureds with, in an automated, more streamlined way.”
Monica Shokrai, Head of Business Risk and Insurance at Google Cloud, commented, “The cyber insurance market is still maturing, particularly with regards to how metrics are used to assess risk. Many CISOs we talk to are frustrated by the insurance procurement process, often feeling like the questions being asked on insurance applications don’t accurately assess their risk, despite insurers investing in continuously improving their process.
“There’s also a general concern that cyber insurers can’t yet adequately price cyber insurance as a whole, which can contribute to market swings and concerns over rising rates after a few big events.”
Shokrai continued, “With our expanded Risk Protection Program, we’re working hand-in-hand with insurers to change that. By combining real-time cloud security insights with insurer expertise, we can improve risk visibility, enable smarter underwriting, and ultimately, offer broader and more affordable protection to our customers.
“At Google, we’re committed to helping customers improve their cybersecurity posture. Through our shared fate approach, we partner with customers to help reduce their risk. Our Risk Protection Program then rewards them for their stronger security posture.
“This is an opportunity for organisations to use the cyber insurance procurement process as a catalyst to drive better security hygiene, while also ensuring their efforts are recognised via competitively priced policies.”
