Menu
Apple and Cisco strike cyber policy insurance discounts deal

Apple and Cisco strike cyber policy insurance discounts deal

Arrangement designed to help businesses fortify cyber security defences

Apple and Cisco have teamed up with insurer Allianz SE to offer discounts on cyber insurance to businesses that primarily use equipment from both technology companies, they said on Monday.

The arrangement, which also includes insurance broker Aon Plc, will help businesses fortify their cyber security defences and make them eligible to score more favourable terms for cyber coverage, such as lower or no deductibles, along with support services in the event of attack, the companies said.

"The key here is a holistic approach to cyber," Jason Hogg, CEO of Aon Cyber Solutions, which helped develop the product, said in an interview.

The offering helps to streamline cyber security for businesses, which Hogg said are often addressed in a "siloed manner," with everyone from technology staff to legal departments playing separate roles.

Cyber coverage is a mounting concern for companies worldwide as hackers increasingly take aim at their technology systems. 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.

U.S. cyber security premiums totalled US$1.35 billion in 2016, according to the National Association of Insurance Commissioners.

That is a sliver of the US$244.9 billion in total premiums for U.S. commercial line insurers, but a growing market in which insurers are trying to distinguish themselves.

Apple CEO Tim Cook said in June that his company and Cisco were collaborating to get cyber insurance discounts for businesses using their products. He said the combination of gear from the two companies was more secure than competing technology.

Long known for its consumer devices, Apple has embraced business users in recent years, adding additional security features to its iPhones and iPads. In 2015, Cook said Apple was generating at least US$25 billion a year in sales to businesses.

The new offering begins with a cyber security evaluation by Aon, the companies said. Businesses using Cisco Ransomware Defense malware-blocking software and certain Apple devices can then apply for special cyber insurance through the specialty lines unit of Allianz SE, the companies said.

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

(Reporting by Suzanne Barlyn in New York; Additional reporting by Stephen Nellis in San Francisco; Editing by Lisa Von Ahn)


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags securityAppleciscocyber

Featured

Slideshows

Meet the leading female front runners of the Kiwi channel

Meet the leading female front runners of the Kiwi channel

Reseller News honoured the leading female front runners of the New Zealand channel at the 2018 Women in ICT Awards (WIICTA) in Auckland. The awards honoured standout individuals across seven categories, spanning Entrepreneur; Innovation; Rising Star; Shining Star; Community; Technical and Achievement.

Meet the leading female front runners of the Kiwi channel
Meet the top performing customer-centric Microsoft channel partners

Meet the top performing customer-centric Microsoft channel partners

Microsoft honoured leading partners across the channel following a year of customer innovation and market growth in New Zealand. The 2018 Microsoft Partner Awards recognised excellence within the context of the end-user, spanning a host of emerging and established providers.

Meet the top performing customer-centric Microsoft channel partners
Reseller News launches new-look Awards at 2018 Judges’ Lunch

Reseller News launches new-look Awards at 2018 Judges’ Lunch

Introducing the Reseller News Innovation Awards, launched to the channel at the 2018 Judges’ Lunch in Auckland. With more than 70 judges now part of the voting panel, the new-look awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors.

Reseller News launches new-look Awards at 2018 Judges’ Lunch
Show Comments