Tech companies Cisco and Apple, and insurance firms Aon and Allianz have unveiled a new cyber risk management solution for US businesses.

The solution includes Aon's cyber resilience evaluation services, secure technology from Cisco and Apple, and options for improved cyber insurance coverage from Allianz. 

It has been designed to help a range of businesses in better managing and protecting themselves from cyber risk associated with ransomware and other malware-related threats.

Aon’s cyber security professionals will asses interested customers’ cyber security profile and will recommend ways to enhance their cyber security defenses.

Allianz will offer discounted cyber security insurance coverage as long as customers use certain Apple and Cisco products.

Apple CEO Tim Cook said: “The choice of technology providers plays a critical role in any company’s defense against cyber attacks. That’s why, from the beginning, Apple has built products from the ground up with security in mind, and one of the many reasons why businesses around the world are choosing our products to power their enterprise.

“iPhone, iPad and Mac are the best tools for work, offering the world’s best user experience and the strongest security.”

The growing risk of cyber security and losses from cyber threats are claimed to be outpacing investment in IT security. This, when combined with low adoption of cyber insurance, fragmented security technology market and security skills shortage can mean that it is difficult for many businesses to understand and manage the risk.

Allianz stated that it has evaluated the Cisco and Apple technical foundation of the solution and determined that customers using Cisco Ransomware Defense, and qualified Apple products can be eligible for the cyber insurance offering.

Enhancements will include policy coverage terms and conditions such as potentially qualifying for lower, or even no deductibles in some cases. The cyber insurance coverage is underwritten by Allianz Global Corporate & Specialty (AGCS).

AGCS North America president and CEO Bill Scaldaferri said: ”Proactive analysis coupled with the latest technology creates an ideal defense against today’s ever-changing ransomware and malware attacks.

“This strategic alliance with Aon, Apple and Cisco allows us to provide a unique solution to companies using this integrated platform to manage risk and ultimately strengthen their battle against high-profile threats.”

Image: Allianz partners with Cisco, Apple and Aon to offer new cyber security insurance. Photo: Courtesy of Allianz.