Google is working with two global insurers to cover cybercrime violations and related risks for businesses using its cloud services, the first time a major provider has opened such insurance for its customers, the companies said on Tuesday.
Major insurers have been closely monitoring cyber risks for years, but the link between Google, Allianz and Munich Re gives insurers special access to data to see what controls exist at client firms to price the risk.
“It’s very important. This is data that we as insurance providers have traditionally not had access to, ”says Thomas Kang, head of North American cyber, technology and media at Allianz’s AGCS unit.
The initial target customers are US businesses with an annual revenue of between $ 500 million and $ 5 billion.
“We did not want to get out of the box. But the plan is obviously to expand this offering very quickly as well as down in the revenue scale, ”said Bob Parisi, head of cyber solutions in North America for Munich Re.
The insurers, both headquartered in Munich, will cover up to $ 50 million in potential losses.
The data provided by the customers means that the insurers will extend the cover of lost income to a full year, from a maximum of six months in advance.
(Reported by Tom Sims; edited by Jan Harvey)
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