Google Cloud, Allianz and Munich Re partner to offer risk management in the cloud

Published: Thursday, 04 March 2021 09:12

Google Cloud, Allianz Global Corporate and Specialty (AGCS) and Munich Re have announced the launch of the ‘Risk Protection Program’, a first-of-its-kind collaboration between a major cloud provider and cyber insurance companies. The Risk Protection Program is designed to help customers reduce cloud security risk and in turn potentially reduce costs by using cyber insurance designed exclusively for Google Cloud customers.

"The benefits of adopting cloud technologies are too compelling for today's enterprises and we are committed to removing the barriers that prevent this business acceleration," said Thomas Kurian, CEO of Google Cloud. "That's why we are proud to be delivering a first-of-its-kind program with Allianz and Munich Re to help our customers reduce security risks and gain simplified access to specialized cyber insurance coverage to help customers accelerate their business with confidence in the cloud."

Building on Google Cloud's ‘engineered-in’ security toolset, the Risk Protection Program consists of two parts. First, a new diagnostic tool called Risk Manager, which enables Google Cloud customers to measure and manage their risk on Google Cloud and obtain a report on their security posture on the platform. Second, AGCS and Munich Re have developed Cloud Protection +, a comprehensive cyber insurance product built with key feedback from Google Cloud to provide enhanced and specialized coverage available exclusively for Google Cloud customers. Using the Risk Manager tool, customers seeking cyber insurance coverage can send reports to AGCS and Munich Re, who in turn will leverage the reports with brokers to assess a customer's security posture and determine eligibility for Cloud Protection +.

With the Risk Manager tool, customers can benefit from providing insurers more insightful data to assess their security posture. AGCS and Munich Re have streamlined their underwriting process based on improved data provided by the Risk Manager tool and created the Cloud Protection + policy, which provides enhanced coverage to Google Cloud customers.

The Risk Manager tool is available to Google Cloud customers by request and will be prioritized for Security Command Center Premium customers in the United States.

More details.