Google Cloud, Allianz Global Corporate & Specialty (AGCS) and Munich Re announced the Risk Protection Program, a first-of-its-kind collaboration between a cloud provider and cyber insurance companies. The program is designed to help customers reduce cloud security risk and in turn potentially reduce costs by connecting with two insurers for specialized and enhanced cyber insurance designed exclusively for Google Cloud customers.
As the use of cloud services increases, expanding to sensitive workloads and new data types, customers more than ever need assurances that their use of cloud services is integrated tightly into their overall risk management program. This level of trust is no longer nice to have, it’s essential for helping more businesses adopt cloud technologies.
Getting security right in the cloud requires expertise and detailed care. For too long, customers have been responsible for building effective cloud security programs on their own. The result is that enterprises have viewed the cloud as a risk to be managed instead of a platform for managing risk. Customers using Google’s Trusted Cloud will be empowered to move beyond the legacy model of shared responsibility to a new model of shared fate, which includes detailed guidance to optimize security in the cloud, tools to manage ongoing security and compliance requirements, and simplified access to cyber insurance with pricing directly linked to a strong security posture.
Building on Google Cloud’s engineered-in security toolset, the Risk Protection Program consists of two parts. First, a powerful 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 +.