Businesses that predominantly use hardware, software and services from Apple and Cisco may be able to qualify for ‘enhanced’ cyber crime insurance from insurance company Allianz SE. Apple CEO Tim Cook said that Apple is thrilled that ‘insurance industry leaders recognize that Apple products provide superior cyber protection’.
The companies will provide guidance on improving digital security and allow firms to claim ‘enhanced’ cyber insurance if certified Apple and Cisco products are used, including potential discounts on deductibles.
Apple says that the new solution helps organizations protect against ransomware and malware attacks, the most common attack vectors that threaten large companies today.
Businesses must be using malware-blocking software from Cisco and certain Apple hardware to apply for the special insurance policy from Allianz SE. Aon, an insurance broker, will also perform a cyber-security evaluation on the firm to ensure compliance with the latest security standards.
The usage of Apple and Cisco products enables Allianz to potentially offer lower deductibles on cyber insurance coverage, as well as market-leading policy terms.
Allianz evaluated the Cisco and Apple technical foundation of the solution and determined that customers using Cisco Ransomware Defense, and/or qualified Apple products can be eligible for the Allianz-developed enhanced cyber insurance offering, acknowledging the superior level of security afforded to businesses by Cisco and Apple technology. This, in combination with individual risk insights gained through the Cyber Resilience Evaluation, makes possible the enhanced cyber insurance coverage to Cisco and Apple business customers. Enhancements include market-leading policy coverage terms and conditions, including potentially qualifying for lower, or even no, deductibles in certain cases. The cyber insurance coverage is underwritten by Allianz Global Corporate & Specialty (AGCS).
If a business is attacked, Cisco and Aon will provide incident response services to help business get back on their feet as quickly as possible following a malware attack.
The announcement follows an enterprise event last June where Cook revealed plans to offer cheaper insurance policies if companies used more-secure hardware like Apple devices, in collaboration with Cisco services.
Apple first announced a partnership with Cisco back in 2015. The companies work together to provide comprehensive IT solutions for enterprise. Apple has looked to grow Mac and iOS device penetration in businesses as consumer sales growth has slowed in the past few years.
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