Google Cloud, Munich Re and Allianz Global Corporate Specialty (AGCS) announced the Risk Protection Program, a first-of-its-kind collaboration between a major cloud provider and leading cyber insurance companies.
The Risk Protection Program is designed to help customers reduce cloud security risk and in turn potentially reduce costs by connecting with two of the world’s leading insurers for specialized and enhanced cyber insurance designed exclusively for Google Cloud customers.
As the use of cloud services increases, expanding to sensitive workloads and new data types, customers more than ever need assurances that their use of cloud services is integrated tightly into their overall risk management program.
This level of trust is no longer a nice to have, it’s essential for helping more businesses adopt cloud technologies.
Getting security right in the cloud requires expertise and detailed care. For too long, customers have been responsible for building effective cloud security programs on their own.
The result is that enterprises have viewed the cloud as a risk to be managed instead of a platform for managing risk.
Customers using Google’s Trusted Cloud will be empowered to move beyond the legacy model of shared responsibility to a new model of shared fate, which includes detailed guidance to optimize security in the cloud, tools to manage ongoing security and compliance requirements, and now simplified access to cyber insurance with pricing directly linked to a strong security posture.
“The benefits of adopting cloud technologies are too compelling for today’s enterprises and we are committed to removing the barriers that prevent this business acceleration,” said Thomas Kurian, CEO of Google Cloud.
“That’s why we are proud to be delivering a first-of-its-kind program with Allianz and Munich Re to help our customers reduce security risks and gain simplified access to specialized cyber insurance coverage to help customers accelerate their business with confidence in the cloud.”
Building on Google Cloud’s engineered-in security toolset, the Risk Protection Program consists of two parts. First, a powerful new diagnostic tool called Risk Manager, which enables Google Cloud customers to measure and manage their risk on Google Cloud and obtain a report on their security posture on the platform.
Second, AGCS and Munich Re have developed Cloud Protection +, a comprehensive cyber insurance product built with key feedback from Google Cloud to provide enhanced and specialized coverage available exclusively for Google Cloud customers.
Using the Risk Manager tool, customers seeking cyber insurance coverage can send reports to AGCS and Munich Re, who in turn will leverage the reports with brokers to assess a customer’s security posture and determine eligibility for Cloud Protection +.
With the Risk Manager tool, customers can benefit from providing insurers more insightful data to assess their security posture.
AGCS and Munich Re have streamlined their underwriting process based on improved data provided by the Risk Manager tool and created the Cloud Protection + policy, which provides enhanced coverage to Google Cloud customers.
“Bringing the Risk Protection Program to market is possible due to our strong partnership with leading cyber insurers, Allianz and Munich Re, who collaborated with us to develop this groundbreaking program that we hope will improve cyber security and cyber insurance for our customers,” said Juan Rajlin, Treasurer of Alphabet and Google.
“We believe the program provides our Google Cloud customers with both access to superior cyber protection, as well as a more efficient insurance procurement process.”
In collaboration with our partners, AGCS and Munich Re, Google Cloud is uniquely positioned to change the way customers manage security risk associated with their cloud workloads by creating shared fate around security.
“The demand for cyber insurance continues to grow as our customers become increasingly exposed to evolving cyber threats – which are again one of the top business risks globally in this year’s Allianz Risk Barometer,” said Chris Townsend, Member of the Allianz SE Board of Management.
“Our clients’ risks are shifting as data and services become increasingly cloud-based and we are keen to remain at the forefront of understanding these new risks to better service our insureds. Through this innovative program, we are bringing together technology, security and insurance to give our customers the cover that they need and to help to create a sustainable market for cyber risks.”
“Through this unique cooperation and with our innovative product Cloud Protection +, we are addressing the specific risk management needs of Google Cloud customers. The enhanced data from the Risk Manager tool allows customers to benefit from a more efficient and transparent underwriting process and access best in class cyber coverage,” said Stefan Golling, Member of the Board of Management at Munich Re.
“At the same time this cooperation will contribute to Munich Re’s continued data-based enhancement to our cyber risk modelling, enabling us to offer sustainable solutions that better protect clients into the future.”