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Cisco, Apple, Others Team on Cyber Risk Management, Insurance

Cisco, Apple, Others Team on Cyber Risk Management, Insurance

Cisco, Apple, Others Team on Cyber Risk Management, Insurance

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.

By 2022, the global cyber insurance market is expected to reach $14 billion, with the most growth taking place in North America, according to Allied Market Research.

McDonald agreed that partners stand to make gains with customers as a result of the integration of Cisco and Apple products with enhanced insurance products even though partners aren't selling the insurance themselves. The aim is to help a wider range of organizations better manage cyber risk. 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.

Organisations that use Apple and Cisco devices looking to take advantage of the new partnership will begin with a cyber security evaluation from Aon. Cyber crime insurance, once a little-known product, has gained traction as hacks involving large companies such as Equifax Inc and Target Corp have become more costly and commonplace.

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

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Cisco Ransomware Defense is part of Cisco's integrated security portfolio that leverages industry leading threat intelligence from Cisco Talos to see threats once, and block them everywhere; using advanced email security, next-generation endpoint protection and cloud-delivered malicious internet site blocking, to strengthen an organisations defences against malware, ransomware and other cyber threats. If organizations deploy Apple devices, they will quality for additional coverage enhancement, and for organizations that deploy both Cisco and Apple, they will can get complete coverage.

Policyholders that are victims of a cyber attack will receive support services from either Cisco or Aon, the companies said.

While ransomware isn't the only threat that organizations face today, it is one of the fastest growing and riskiest threats, which is why it is the focus for the new program.

Companies could also qualify for reduced, or even no, deductibles as part of the deal with Allianz, which said the service is created to help a wider range of organisations protect themselves against ransomware and malware threats.

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