Google teams up with Allianz, Munich Re to insure its US cloud users – Cloud – Finance

Google is teaming up with two world insurers to protect cyber breaches and connected challenges for companies that use its cloud services, the first time a big service provider has opened up these kinds of insurance plan to its shoppers, the companies said.

Important insurers have been treading meticulously on cyber challenges for yrs, but the tie-up among Google, Allianz and Munich Re gives the insurers special accessibility to facts to see what controls are in place at customer corporations to aid them value the threat.

“This is incredibly vital. This is facts that we as insurance plan carriers customarily have not experienced accessibility to,” said Thomas Kang, head of North American cyber, tech and media at Allianz’s AGCS unit.

The preliminary qualified consumers are US-primarily based companies with annual profits of among US$500 million and US$five billion.

“We did not want to overreach coming out of the box. But the strategy is of course to broaden this presenting both equally up and down the profits scale very soon,” said Bob Parisi, head of cyber solutions in North The usa for Munich Re.

The insurers, both equally headquartered in Munich, will protect up to US$50 million in probable losses.

The facts provided by the consumers implies the insurers will extend coverage of misplaced profits for up to a entire calendar year, from a highest of six months beforehand.