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 Appleciscocyber

Featured

Slideshows

The making of an MSSP: a blueprint for growth in NZ

The making of an MSSP: a blueprint for growth in NZ

Partners are actively building out security practices and services to match, yet remain challenged by a lack of guidance in the market. This exclusive Reseller News Roundtable - in association with Sophos - assessed the making of an MSSP, outlining the blueprint for growth and how partners can differentiate in New Zealand.

The making of an MSSP: a blueprint for growth in NZ
Reseller News Platinum Club celebrates leading partners in 2018

Reseller News Platinum Club celebrates leading partners in 2018

The leading players of the New Zealand channel came together to celebrate a year of achievement at the inaugural Reseller News Platinum Club lunch in Auckland. Following the Reseller News Innovation Awards, Platinum Club provides a platform to showcase the top performing partners and start-ups of the past 12 months, with more than ​​50 organisations in the spotlight.​​​

Reseller News Platinum Club celebrates leading partners in 2018
Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP has honoured its leading partners in New Zealand during 2018, following 12 months of growth through the local channel. Unveiled during the fourth running of the ceremony in Auckland, the awards recognise and celebrate excellence, growth, consistency and engagement of standout Kiwi partners.

Meet the top performing HP partners in NZ
Show Comments