Insurance broker Aon Plc is also part of the arrangement, which will help businesses strengthen their cyber security defences and at the same time makes them eligible for more favourable terms when it comes to obtaining cyber coverage. This includes having lower or no deductibles as well as being able to rely upon support services in the event of a data breach or cyber attack.
Chief executive officer of Aon Cyber Solutions, Jason Hogg noted that the partnership between Apple, Cisco, Alianz and his company was based around approaching cyber insurance differently, saying: “The key here is a holistic approach to cyber”
Businesses have traditionally approached cyber security from a “siloed manner” in which the different departments of a company all took on separate roles. Now with Apple, Cisco and the insurance companies working together, organisations will be able to take advantage of a streamlined cyber security strategy.
Companies worldwide have grown increasingly concerned with their cyber coverage following a number of large scale hacks such as the Equifax breach and the recent attack on retailer Target. As a result cyber insurance has become more costly for businesses being as they now have much more to lose as the attack methods employed by hackers have grown more advanced.
Organisations that use Apple and Cisco devices looking to take advantage of the new partnership will begin with a cyber security evaluation from Aon. Businesses that currently use Cisco's Ransomware Defense and certain Apple devices will then be able to apply for special cyber insurance through Allianz SE.
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