Apple, Cisco Team Up With Insurance Companies To Offer Cyber Policy Discounts

• Apple Inc and Cisco Systems Inc have teamed up with insurer Allianz to offer discounts on cyber insurance to businesses that primarily use equipment from both technology companies.
• The arrangement, which also includes insurance broker Aon, will help businesses fortify their cybersecurity defenses.
• The new offering begins with a cybersecurity evaluation by Aon. Businesses using Cisco Ransomware Defense malware-blocking software and certain Apple devices can then apply for special cyber insurance through the specialty lines unit of Allianz.

Apple and Cisco Systems partnered with insurance company Allianz to offer discounts on cyber companies that primarily use computers for both technology insurance companies, they said Monday.

The agreement, which also includes insurance broker Aon, will help companies strengthen their cybersecurity defenses and enable them to qualify with more favorable terms for cyber coverage and weak franchises or not, as well as support services. case attack, the companies said. .

"The key here is a holistic approach to cyber," said Jason Hogg, CEO of Aon Cyber Solutions, who helped develop the product, in an interview.

The offer helps companies simplify cybersecurity, which Hogg said he often sent in a vacuum, and that everyone from technical staff to legal services play separate roles.

Cyber coverage is a growing concern for companies around the world as hackers are increasingly targeting their technology systems. Insurance against cybercrime, which was once a little-known product, has been gaining popularity since hacks involving large companies like Equifax and Target have become more expensive and common.

US cybersecurity premiums UU Totaled $ 1,350 million in 2016, according to the National Association of Insurance Commissioners. This represents a portion of the total premiums of $ 244.9 billion for US commercial lines insurers. UU., But a growing market in which insurers are trying to distinguish themselves.

Apple CEO Tim Cook said in June that his company and Cisco are working together to get discounts on cyber insurance companies using their products. He said that the combination of the two companies' equipment was safer than the technology of the competition.

Long known for its consumer devices, Apple has been welcoming business users in recent years, adding additional security features to their iPhones and iPads. In 2015, Cook said Apple was generating at least $ 25 billion a year in business sales.

The new offer begins with Aon's assessment of cyber security, said the two companies. Companies that use the Cisco Ransomware Defense malware blocker and some Apple devices can then request special cybersecurity via the Allianz dedicated line unit.

Policyholders who are victims of a cyber attack will receive support services from Cisco or Aon, the companies said.