Cyber Insurance: Anxious Demand Spurs Growing Market

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1Q 2018 | IN-5042

 

Apple and Cisco Strike Deal with Insurers

NEWS


A February 2018 announcement by tech OEMs Apple and Cisco revealed a new partnership with insurers Allianz and Aon. Allianz has certified products from both vendors (Cisco Ransomware Defense; and Apple iPhone, iPad, and Mac devices) with respect to their security and will offer organizations using them more favorable cyber coverage, including better terms and conditions, reduced deductibles, cyber resilience evaluation (by Aon), and incident response services.

A Propitious Offering with Variable Coverage

IMPACT


The partnered offering is a good indication of the growing market demand for cyber coverage. Continued persistence of cyber threats and the increasing costs of breach in terms of damage and remediation (the Petya ransomware cost Maersk US$300 million in lost revenue) are driving a dynamizatio...

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