Cloud Protection +

Globally, businesses will shift more than 45% of IT spending from traditional solutions to cloud solutions by 2024¹. This results in an expected amount of USD 12.6 billion to be spent on cloud security tools by 2023 - more than double than in 2018². With accelerated digitalization, new technologies and increased usage of cloud storage, companies perceive cyber risks to be among the top perils they face for good reason.

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. 

Which is why leading (re) insurer Munich Re teamed up with Google Cloud to tailor a new insurance exclusively for Google Cloud customers and enable them to be part of an even more secure digital future: Cloud Protection +. It’s the comprehensive cyber insurance for both first-party and third-party losses, with Google Cloud specific enhancements.

Google Cloud customers already benefit from great security. Now they can enjoy an additional layer of protection for even greater peace of mind. It includes attractive terms and conditions for sustainable primary coverage along with a lean and easy data-driven submission and underwriting process tailored to the clients’ specific risk profile, which open up access to state-of-the-art insurance cover and high capacity, backed by Munich Re. An easier, faster and more transparent process for purchasing insurance coverage, addressing cloud-specific needs.

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 a leading carrier, the insurance policy offers broad first party and liability or third-party coverage, more specifically:

The policy will initially be offered to Google Cloud customers in the US market. It will be generally available to organizations of all industry classes and focuses on those having a revenue of US$500mn up to US$5bn. At a later stage this scope will also be extended to organizations with smaller revenue segments as well as to other countries. 

Clients with access to the Risk Manager tool can together with their broker easily kick off the process to apply for the Cloud Protection + cover within the tool itself or have the broker contact the carriers directly. If clients do not have access to the Risk Manager tool yet, they can fill the onboarding form on Google’s program website.

Please note:

• 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. Additionally, brokers are part of the sales process in commercial business. 
  

¹ gartner.com/smarterwithgartner/cloud-shift-impacts-all-it-markets ² DARKReading.com ³ https://www.oecd.org/daf/fin/insurance/Enhancing-the-Role-of-Insurance-in-Cyber-Risk-Management.pdf

Brokers may contact our experts to learn more about Cloud Protection +.