- A first-of-its-kind online insurance program has just been established between Google Cloud and international insurers Allianz and Munich Re, enabling better cyber risk management and eventually cost efficiencies for enterprise cloud users
Insurers have had to tiptoe around covering enterprises for cyber risk protection for years now, but a new tie-up between Google Cloud, Allianz, and Munich Re is providing companies with an avenue to make cyber insurance more mainstream and embed it into cloud services.
Initially to be targeted at US-based companies with annual revenues of between US$500 million and US$5 billion, the two insurance companies headquartered out of Munich, Germany will cover up to US$50 million in potential online losses for Google Cloud customers.
“We didn’t want to overreach coming out of the box. But the plan is obviously to expand this offering both up and down the revenue scale very shortly,” said Bob Parisi, the head of cyber solutions in North America for Munich Re, in response to the online insurance policy being made available to firms outside of the US.
The new initiative dubbed the Risk Protection Program will look to reduce cloud security risks and…
