Cloud Protection +
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Cloud Protection +

Innovative Cyber Insurance Solution for Google Cloud Customers

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    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.
    Cloud Protection + enables Brokers to help their clients assess and understand their cloud risks. And to come up with high class insurance solutions at a competitive price, the right scope of coverage and an adequate capacity. The product also features a lean submission and quick and uncomplicated underwriting process.

    What are the key advantages of Cloud Protection +?

    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.
    Tailored specially for Google customers
    We offer enhanced, Google customer-specific coverage components in addition to favorable pricing built around clients’s unique risk profile.
    An easier purchasing process
    Efficient technological infrastructure allows for a faster, more efficient process that results in a simplified, more comfortable insurance application.
    Greater capacity & better terms
    Cloud Protection + offers exclusive access to greater capacity and, depending on individual data, better terms.
    Leading insurance carrier
    Munich Re back the cover with its proven expertise and considerable experience in all aspects of cyber insurance.

    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 a leading carrier, 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
    Furthermore, the coverage is enhanced by Google Cloud specific coverage enhancements. These include:

    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
    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. 

    It’s fast. It’s easy.

    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.
    © Hemant Mehta / Getty Images
    1. Client choses his broker and downloads and shares the Risk Manager Report.
    2. The carrier provides the submission template, receives the Risk Manager Report and creates a tailored security questionnaire.
    3. Broker and client together fill in the submission template, the short security questionnaire and return these to the carrier.
    4. The carrier starts the risk assessment and provides a bindable quote.
    5. Broker and client, receive, review, accept and buy the quote - including enhanced coverage, competitive price and convenient services.
    6. The carrier sends the policy to the client.

    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. 

    Get in touch

    Brokers may contact our experts to learn more about Cloud Protection +.
    Bob Parisi
    Bob Parisi
    Head of F&C Cyber Solutions, North America