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Cisco, Apple, Aon, Allianz Partner on Cyber-Risk Management

06 February 2018

Tech giants Cisco, Apple, Aon and Allianz on Tuesday unveiled a cyber risk management solution for businesses that has cyber resilience evaluation services from Aon, a secure technology from Cisco and Apple and options for enhanced cyber insurance coverage from Allianz. Combined with individual risk insights with the Cyber Resilience Evaluation, cyber security insurance coverage is enhanced for business customers.

Apple and Cisco announced this morning a new deal with insurer Allianz that will allow businesses with their technology products to receive better terms on their cyber insurance coverage, including lower deductibles - or even no deductibles, in some cases.

The usage of Apple and Cisco products enables Allianz to potentially offer lower deductibles on cyber insurance coverage, as well as market-leading policy terms.

"Cisco's Ransomware Defense protects organizations against the major threat vectors, which are ransomware and emailed malicious links", he said. Users benefit from always-on hardware encryption, as well as support for secure networking protocols. The companies work together to provide comprehensive IT solutions for enterprise.

If an attack does happen, Incident Response Services will be provided by Cisco and Aon to help mitigate the damage done by such incidents.

Businesses have traditionally approached cyber security from a "siloed manner" in which the different departments of a company all took on separate roles. "That's why, from the beginning, Apple has built products from the ground up with security in mind, and one of the many reasons why businesses around the world are choosing our products to power their enterprise".

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Cisco called the insurance collaboration with Apple, Allianz and Aon a "holistic risk management solution". The attack also cost it $300 million. Cyber security premiums totaled just $1.35 billion of the $245 billion premiums in the commercial insurance market in 2016, according to figures from the National Association of Insurance Commissioners reported by Reuters.

Apple says that the new solution helps organizations protect against ransomware and malware attacks, the most common attack vectors that threaten large companies today.

"We really want to help customers think a lot more holistically about security", David Ulevitch, senior vice president and general manager of Cisco's security business unit, told eWEEK.

Apple CEO Tim Cook said in June that his company and Cisco were collaborating to get cyber insurance discounts for businesses using their products.

United States cyber security premiums amounted to $1.35 billion in 2016, according to data gathered by Reuters from the National Association of Insurance Commissioners, and Monday's deal may go some way to entice businesses looking to protect their systems.

Cisco, Apple, Aon, Allianz Partner on Cyber-Risk Management