Insurers join forces with Google in cloud security offering

Munich Re has joined forces with Google Cloud and Allianz Global Corporate & Specialty to provide cloud-specific business insurance.

Google Cloud enables users to retrieve a bespoke report on their security position on the platform using their new Risk Manager tool. When applying for coverage, organisations share the Risk Manager report with insurers, simplifying the application and underwriting process.

The Risk Protection Program provides clients with a high level of security, covering technical and financial aspects of risk management. The building blocks of the offering are embedded in the Risk Protection Program, which integrates the Risk Manager tool with access to a cyber policy called Cloud Protection+, designed exclusively for Google Cloud customers.

The cloud has already been embraced as business as usual for businesses large and small, with elements of corporate IT, including core applications, moving to the cloud as part of a growing digitalisation trend.

The policy will initially be offered to Google Cloud customers in the US and will be available to organisations with revenues of between US$500m and US$5bn. At a later stage, the scope will be extended to include organisations in other revenue segments and countries.

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