Google to offer cyber insurance to cloud users with Munich Re, Allianz

By Akshay Kedari  Date: 2021-03-04

Google to offer cyber insurance to cloud users with Munich Re, Allianz
  • Google, Allianz, and Munich Re have teamed up to launch a Risk Protection Program.
  • This program intends to reduce cloud security risks and provide cyber insurance designed for Google Cloud users.

Google Cloud, Munich Re, Allianz Global Corporate and Specialty (AGCS) have reportedly teamed up to provide insurance cover for cyber threats and relevant risks associated with them for cloud users. The collaboration comes as it becomes evident that cyber insurance plays an important role in businesses of all sizes.

Although top insurers have been significantly careful while dealing with cyber risks, a tie-up between Munich Re, Allianz, and Google could offer them special access to data, further helping them assess the impact of risks.

In this context, Thomas Kang, NA Head of Cyber, Tech, and Media at Allianz’s AGCS unit, mentioned that major insurers fail to possess adequate data related to cyberattacks.

The recent development will allow insurance carriers to not only acquire specially accessed data but also provide coverage for any cyberattacks or subsequent risks.

The initially targeted clients are primarily U.S.-based firms with yearly revenue between USD 500 million and USD 5 billion, sources with relevant information cited. The insurers, both based in Munich, will cover over USD 50 million in possible losses.

Also, Google Cloud benefits from a cyber insurance agreement between Allianz and Munich Re. This will allow Google to target more regulated sectors like financial services and healthcare by leveraging cyber insurance partnerships. The coverage will be split between Allianz and Munich Re.

The Google Cloud partnership with Allianz and Munich Re could serve as a model for other cloud and tech service providers. Similar packages are expected in the future, targeted at businesses of all sizes, sources claimed.

Source Credit –

https://www.gadgetsnow.com/tech-news/to-insure-its-cloud-users-google-partners-with-allianz-munich-re/articleshow/81295928.cms

 

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Hyundai Motor, LG Energy Solution to launch battery plant in Indonesia

Hyundai Motor, LG Energy Solution to launch battery plant in Indonesia

By Akshay Kedari

This new battery production plant will be built in the Karwang Regency. It will reportedly have a yearly output of around 10 gigawatt-hours of batteries. South Korean multinational conglomerates Hyundai Motor Company and LG Energy Solution Ltd. ...

Amazon’s ‘Key for Business’ raises security concerns for U.S apartments

Amazon’s ‘Key for Business’ raises security concerns for U.S apartments

By Akshay Kedari

American technology and e-commerce giant, Amazon.com Inc. has reportedly been using ‘Key for Business’- a system that enables the company’s delivery agents to gain access to apartment complexes without requiring to be buzzed in by r...

Volvo Cars might take full control of its Chinese stake ahead of IPO

Volvo Cars might take full control of its Chinese stake ahead of IPO

By Akshay Kedari

Swedish luxury automobile manufacturer Volvo Cars Corporation reportedly signed an agreement with Zhejiang Geely Holding Group to buy out from their decade-long joint ventures to gain complete ownership of its facilities in China. According to relia...

Lamborghini expects sale volumes to hit record highs in India this year

Lamborghini expects sale volumes to hit record highs in India this year

By Akshay Kedari

Italian luxury sports car manufacturer, Automobili Lamborghini S.p.A. is reportedly expecting substantial growth in sales volumes in India this year as the carmaker is experiencing a V-shaped upturn in demand after the easing out of COVID-19 pandemic...

Netflix ventures into video games, hires former Oculus and EA developer

Netflix ventures into video games, hires former Oculus and EA developer

By Akshay Kedari

OTT streaming giant Netflix Inc. is reportedly planning to offer games on its platforms at no additional costs. The company has tapped Mike Verdu, a former Oculus and EA game development leader, to spearhead its games division. Verdu will join as th...