Going beyond simply adding coverage to existing policies, Allianz Group, an insurance company seeking to gain a bigger share of the U.S. cyber market, made news along with Cisco, Apple, and Aon by announcing that the four companies would be offering “a new cyber-risk management solution for businesses.”
The solution, focused on malware and ransomware protection, is “comprised of cyber resilience evaluation services from Aon, the most secure technology from Cisco and Apple, and options for enhanced cyber insurance coverage from Allianz,” the companies boasted in early February.
Since the announcement, more details have emerged about the offering.
To obtain the enhanced and sometimes cheaper insurance, companies will have to buy Cisco’s ransomware product (which defends companies against “cloud-delivered malicious internet site-blocking” and other malware) or purchase Apple iPhones, iPads, or Macs for their employees. Corporate applicants must also undergo a cyber security assessment administered by Aon specialists.
The brainchild emerged when Cisco, whose insurance broker is Aon, approached Allianz, according to Jenny Soubra, the insurance company’s U.S….
