Google unveils a new cyber insurance program for cloud customers

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“First of its kind” offering is probably going to set a trend in the industry.

Google announced this week that it has teamed up with two major insurers to develop a cybersecurity insurance offering. The new program would provide Google Cloud customers with coverage against cyberattacks.

Specifically, Google Cloud is working with Allianz Global Corporate & Specialty (AGCS) and Munich Re to launch their Risk Protection Program. Google calls this a “first-of-its-kind” collaboration between a major cloud provider and leading cyber insurance companies.

The Risk Protection Program aims to help customers reduce cloud security risk. It can also potentially reduce costs by using the two insurers for specialized and enhanced cyber insurance. The insurance policy is available exclusively for Google Cloud customers, according to the company.

Another innovation spawned by the COVID pandemic

The use of cloud services increases during the pandemic. Google has seen their customers expanding to sensitive workloads and new data types. These customers need assurances that their use of cloud services integrates tightly into their overall risk management program, Google believes.

“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.

Policy will help lower costs

AGCS and Munich Re have developed Cloud Protection +. This is a comprehensive cyber insurance product built with key feedback from Google Cloud. It provides 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. They will leverage the reports with brokers to assess a customer’s security posture and determine eligibility for Cloud Protection +. 

Tip: Google Cloud is catching up quickly to its competitors