Apple, Cisco unite with insurers to offer discounted cybercrime insurance

The companies will provide guidance on improving digital security to business

Tags: Apple IncorporatedCisco Systems IncorporatedCyber crime
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Apple, Cisco unite with insurers to offer discounted cybercrime insurance Apple's CEO Tim Cook stated that Apple is thrilled with the move.
By  Aasha Bodhani Published  February 7, 2018

Apple and Cisco Systems have joined forces with insurers Allianz and Aon to provide discounted cyber insurance to businesses who rely on software and hardware from both companies.

The partnership will enable business that use equipment from both Apple and Cisco to be more eligible to better insurance policies, as well as discounts on deductibles. The move will ensure that businesses are protected against ransomware and malware attacks, which are becoming more frequent.

It works with a cyber security evaluation by Aon, then company using Cisco Ransomware Defence malware-blocking software and Apple devices are then able to apply for the discounted insurance with Allianz.

A statement revealed:

"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)."

Apple's CEO Tim Cook stated that Apple is thrilled that ‘insurance industry leaders recognise that Apple products provide superior cyber protection'.

In June 2017, Apple and Cisco strengthened their partnership when Cook announced joint plans to offer cheaper insurance policies to businesses using Apple's devices and Cisco's products.

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