Earlier this week, Apple, Cisco, Aon, and Allianz announced their plan to create a joint cyber risk management service intended to better protect companies facing or dealing with cyber attacks. According to the companies’ joint press release, the proposed solution would be comprised of “cyber resilience evaluation services from Aon, the most secure technology from Cisco and Apple, and options for enhanced cyber insurance coverage from Allianz.”
The companies explained that the proposed joint solution was influenced by the recent proliferation of cyber security risk incidents. “Ransomware is an evolving risk that impacts every level of an enterprise. Organizations urgently need to be managing these risks from both the technical and the financial perspective,” explained AON CEO Jason Hogg. According to the press release, the increased risk of cyber attacks, combined with the “low adaptation of cyber insurance, an active adversary, a fragmented security technology market and a security skills shortage,” has only made it more difficult for companies to effectively prepare for and respond to cyber security incidents. Therefore, the companies explained that a comprehensive solution was needed to assist companies in dealing with such threats.
The unique announcement serves as a reflection of the growing prevalence of cyber risk on the minds of the legal, business, technology, and insurance communities. To ensure that your business is adequately protected against cyber attacks, it may no longer be sufficient to rely solely on an annual risk assessment checkup, or a cyber insurance policy; a multi-faceted approach is your safest course of action. Also, the joint proposal demonstrates the growth of cyber insurance from what was once considered a niche product to a near requirement for conducting business in the current environment.
The companies’ joint press release can be found here.