Wednesday, 15 August, 2018

Apple, Cisco, Allianz, and Aon Partner for New Endpoint Security Tool

Apple, Cisco Team Up With Insurance Companies to Offer Cybersecurity Discounts for Businesses Apple and Cisco team with insurers to offer discounted cybersecurity insurance
Johnnie Parks | 07 February, 2018, 07:01

Businesses that now use Cisco's Ransomware Defense and certain Apple devices will then be able to apply for special cyber insurance through Allianz SE.

The new solution, which is now available, is created to help organisations better manage and protect themselves from cyber risk associated with ransomware and other malware-related threats.

The partnership allows each company to bring their distinct business focuses and strengths to the security solution; Apple and Cisco provide their respective security software and knowledge, Aon offers cyber resilience evaluation services, and Allianz brings cyber insurance coverage. The partnership now appears to be more of an integrated confederation than a singular endpoint security solution. The cyber insurance coverage is underwritten by Allianz Global Corporate & Specialty (AGCS).

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.

Announced by the companies today, the initiative is meant to help businesses strengthen their cyber security defenses. The service is aimed at providing threat management to a broad range of companies, the release said, and could help organizations more easily cover their bases when it comes to cybersecurity.

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Low adoption of cyber insurance combined with a fragmented security technology market and a security skills shortage means it is hard for many organisations to understand and manage this risk effectively. Users benefit from always-on hardware encryption, as well as support for secure networking protocols like Transport Layer Security (TLS) and VPN out of the box.

"The key here is a holistic approach to cyber", Jason Hogg, chief executive officer of Aon Cyber Solutions, which helped develop the product, said in an interview. Organizations urgently need to be managing these risks from both the technical and the financial perspective.

The announcement follows an enterprise event last June where Cook revealed plans to offer cheaper insurance policies if companies used more-secure hardware like Apple devices, in collaboration with Cisco services. "It's the improved cyber posture that makes them eligible for enhanced/broader cyber insurance protection".

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