Allianz teams up with Thales to offer Allianz Cyber Data Protect insurance against cyberattacks
- Businesses need a comprehensive approach to risk management to address the growing problem of cybercrime and industrial espionage on the Internet.
- The new Allianz Cyber Data Protect solution offers complete protection against digital risks.
- With this innovative insurance cover, Allianz Global Corporate & Speciality and Thales expect to meet a growing need and support the expansion of the cyberinsurance market.
Allianz Global Corporate & Specialty SE (AGCS) and Thales have joined forces to offer comprehensive protection against cybercrime. The new Allianz Cyber Data Protect insurance policy from AGCS is tailored to the needs of each customer. It covers the costs incurred by responding to a cyberattack on an insured company and rebuilding its information system as well as losses arising from interruption of business operations. Thales is contributing its expertise in both initial analysis of IT security risks and emergency response in the event of an attack.
In the digital age, where business processes are networked and companies rely on ever more complex technologies, the risks and threats to business organisations continue to grow. An estimated 556 million people across the world fall victim to cybercrime each year, equivalent to 1.4 million people per day or 18 per second.
Global Cyber Security Market: Trends & Opportunities (2014-19)
The new Allianz Cyber Data Protect insurance solution enables businesses to protect themselves comprehensively against cyber risks.
This insurance policy covers the expenses arising from measures taken to respond to a malicious online attack and restore damaged or destroyed data. The policy also protects against loss of income resulting from disruptions following an attack, and covers civil liability claims by customers of an insured company who sustain losses as a result of attacks by hackers or denial of service attacks. Data protection violations and illegally accessed digital communications are covered, and the costs of crisis communications to safeguard the company's reputation are also included in the policy.
In addition to this standard cover, the Premium and Premium Plus enhanced options offer extended cover up to €50 million. Thales's involvement as a cybersecurity expert includes risk analysis and prevention to ensure the best possible protection for each insured company and mitigate the potential impact of an attack.
These two options also include the assistance of Thales's dedicated Rapid Response Team.
"Allianz Cyber Data Protect combines various elements of civil liability, damage and pure financial loss insurance, as well as a range of complementary services from carefully selected providers," says Véronique Bruyland, Head of Financial Lines Underwriting, Mediterranean Region, AGCS. "This solution also offers comprehensive protection against growing Internet threats and is designed to adapt to the needs of each specific company."
"Cybersecurity is an integral part of risk management for French companies today," adds Vincent Marfaing, Thales Vice President, IT Security and Cybersecurity. "Thales is delighted to be contributing its expertise to the Allianz Cyber Data Protect solution. This innovative policy stands apart from other products in that it offers a combination of preventive and remedial measures to optimise both the technical and financial aspects of the protection provided."
Source : Thales Group (Paris: HO.PA)