As per latest news, Apple and Cisco Systems have entered into a partnership with the insurance company Allianz SE for the purpose of offering Cyber Policy discounts to all businesses opting for cyber insurance, especially on equipment from both these technology companies. This arrangement also includes Aon PLC, the famed insurance broker, which will further help in the fortification of the cyber security defences and lead to much more favourable cyber coverage terms, namely no or low deductibles, efficient support service in case of a cyber attack, and various other benefits.
According to the CEO of Aon Cyber Solutions, Jason Hogg, the key behind the success of this concept is the holistic approach to cyber security, which has also contributed to the development of the entire concept of cyber insurance. He further added that the offered discount will definitely help to streamline efficient cyber security for businesses that have the requirement, and will facilitate a system where everyone from the legal department to the technology staff will have a role to play.
Cyber coverage is and has always been a growing concern for companies all over the world, as hackers and cyber attackers target their technology and systems on a regular basis. Once only limited to a handful companies, cyber crime insurance has achieved quite a bit of popularity with the rise of company oriented hacks such as Target Corp and Equifax Inc, which have become quite common and quite costly nowadays.
As per the records of the National Association of Insurance Commissioners, in the last financial year, the total of US cyber security premiums amounted to approximately USD 1.35 billion. This might be nothing, compared to the total US commercial insurance premium of USD 245 billion, but according to experts, this is a growing market, which is compelling the insurers to distinguish themselves and set up their very own brand identity.
Tim Cook, Apple’s CEO, confirmed last year in June that Apple would be entering into the partnership with Cisco to offer discounts on cyber insurance to companies using products from both Apple and Cisco. According to Cook, the combination of gear from Apple and Cisco was much more secure that any technology offered by any other company in the market.
Apple, usually known for its wide array of consumer devices, has launched quite a few gears and systems for businesses in the last few years, which has helped them to add more security to iPads and iPhones. According to records, Apple generated around USD 25 billion in the last financial year from business sales alone, which is a promising number for the cyber insurance sector.
The new cyber insurance package usually includes a cyber security evaluation conducted by Aon. Once the evaluation has been completed, companies using Apple devices along with the Ransomware Defence malware-blocking software from Cisco can apply for a cyber insurance policy using the discount being offered by Allianz SE, thanks to Apple and Cisco’s initiative. Whenever a policy holder suffers a cyber attack, either Aon or Cisco will provide the company with support service to fend off the effects of the attack.