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Google to offer its cloud customers cyber insurance based on their cybersecurity posture

(Source: Jakub Jirsák / Fotolia.com)
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Google will provide its cloud customers with a tool to assess their cybersecurity. The data will be transmitted to Allianz and Munich Re, who will use it to assess the client company’s IT security and offer an insurance policy that matches its cyber risks.

Google will resell cyber insurance offered by Allianz Global Corporate and Specialty (AGCS) and Munich Re. The offer is intended for customers of its Cloud Platform. The Risk Protection Program is an unprecedented collaboration between a leader in the cloud and leading insurance companies, the three partner companies said in their press release.

For customers, one of the benefits highlighted is that they will be offered a policy (“Cloud Protection +”) corresponding to a risk assessment based on the data transmitted to insurers by Google. With the Risk Manager tool, clients can send reports to AGCS and Munich Re, who will use them to assess a client’s cybersecurity posture. “With this innovative program, we are combining technology, security, and insurance to provide our clients with the coverage they need and help create a sustainable market for cyber risk,” said Chris Townsend, member of the board of directors of Allianz SE.

Google’s diagnostic tool, Risk Manager, is not only used to report to insurers. Google Cloud customers can use it to measure and manage cyber risks in their cloud environment, so they can learn what actions are appropriate to improve their cybersecurity. Actions that will then help reduce their cyber insurance costs. “We believe the program provides our Google Cloud customers with access to superior cyber protection and a more efficient insurance acquisition process,” said Juan Rajlin, treasurer of Google and Alphabet.

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