Munich Re, Allianz Global Corporate and Specialty (AGCS) and Google Cloud have announced a collaboration designed to provide customers with increased cloud security and potentially bring down costs.
The Risk Protection Program builds on Google Cloud’s engineered-in security toolset and consists of two parts.
First, a diagnostic tool called Risk Manager enables Google Cloud customers to measure and manage their risk on Google Cloud and obtain a report on their security posture on the platform.
Second, AGCS and Munich Re have developed Cloud Protection +, a comprehensive cyber insurance product built with key feedback from Google Cloud to provide specialised coverage available exclusively for Google Cloud customers.
Using the Risk Manager tool, customers seeking cyber insurance coverage can send reports to AGCS and Munich Re, who in turn will leverage the reports with brokers to assess a customer’s security posture and determine eligibility for Cloud Protection +.
With the Risk Manager tool, it’s hoped customers can benefit from providing insurers more insightful data to assess their security posture.
Furthermore, AGCS and Munich Re have streamlined their underwriting process based on improved data provided by the Risk Manager tool and created the Cloud Protection + policy, which provides enhanced coverage to Google Cloud customers.
“The demand for cyber insurance continues to grow as our customers become increasingly exposed to evolving cyber threats – which are again one of the top business risks globally in this year’s Allianz Risk Barometer,” said Chris Townsend, Member of the Allianz SE Board of Management.
“Our clients’ risks are shifting as data and services become increasingly cloud-based and we are keen to remain at the forefront of understanding these new risks to better service our insureds.
“Through this innovative program, we are bringing together technology, security and insurance to give our customers the cover that they need and to help to create a sustainable market for cyber risks.”
“Through this unique cooperation and with our innovative product Cloud Protection +, we are addressing the specific risk management needs of Google Cloud customers,” said Stefan Golling, Member of the Board of Management at Munich Re.
“The enhanced data from the Risk Manager tool allows customers to benefit from a more efficient and transparent underwriting process and access best in class cyber coverage,” said Thomas Kurian, CEO of Google Cloud.
“At the same time this cooperation will contribute to Munich Re’s continued data-based enhancement to our cyber risk modelling, enabling us to offer sustainable solutions that better protect clients into the future.
“The benefits of adopting cloud technologies are too compelling for today’s enterprises and we are committed to removing the barriers that prevent this business acceleration.”