Risk Management in the cloud means a whole new dimension of data privacy and security challenges including protecting resources, meeting regulatory requirements, and training staff. Organisations are encountering ever greater threats from cyber risks: Business interruption, more expensive and sensitive data breaches, higher numbers of malware incidents, as well as the prospect of privacy-driven fines or litigation around liability after a cyber event. The accelerated trend of cloud computing and sky-rocketing volume of cloud data increases these risks significantly.
Insurance has proven that it can be part of the solution; but the insurance industry must evolve through product development and partnerships to create a sustainable market3.
What are the key advantages of Cloud Protection +?
Do you want to learn more about Cloud Protection +?
How does our cyber cover protect your business?
Cloud Protection + shields businesses from the financial impact of business interruption caused by cyber-incidents in the insured organisation’s computer systems, Google Cloud services or critical IT systems of third-party IT providers.
With access to up to US$ 50mn primary capacity from two leading carriers, the insurance policy offers broad first party and liability or third-party coverage, more specifically:
First Party Coverages
- Business Interruption and Contingent Business Interruption
- Restoration and Bricking Costs
- Cyber Extortion
- Crisis Management Costs
- Cyber Deception
Third Party Coverages
- Privacy and Network Security
- Regulatory Fines and Penalties
- Payment Card Industry Liability
- Media Liability
First Party Google Coverages
- Business Interruption Loss with enhanced Period of Restoration (365 days)
- Contingent Business Interruption Loss with enhanced Period of Restoration (365 days)
- Trade Secret Loss
Third Party Google Coverages
- Assumed Liability Resulting from Google Services
- Bodily Injury and Property Damage Resulting from Google Services
It’s fast. It’s easy.
- Client choses his broker and downloads and shares the Risk Manager Report.
- The carrier provides the submission template, receives the Risk Manager Report and creates a tailored security questionnaire.
- Broker and client together fill in the submission template, the short security questionnaire and return these to the carrier.
- The carrier starts the risk assessment and provides a bindable quote.
- Broker and client, receive, review, accept and buy the quote - including enhanced coverage, competitive price and convenient services.
- The carrier sends the policy to the client.
- Companies familiar with the standard insurance procedure will experience a shortened and improved process; this depends on clients’ permission to use Google Cloud Risk Manager data and on well-established workflows with involved brokers. Underwriting, pricing and issuance of policies will be manual during the initial phase (Q1 2021).
- Cloud Protection + cyber insurance will be underwritten by a primary insurance carrier of Munich Re Group, which is an S&P AA- rated international insurance company, eligible to write surplus lines insurance in all US states and by AGCS. Additionally, brokers are part of the sales process in commercial business.