A recent partnership between Google Cloud and Allianz and Munich Re has sparked a discussion around cyber insurance. Allianz and Munich Re are planning to use security measure data from Google Cloud to create customized cyber insurance policies for large companies. In the past, cyber insurers would require companies to complete due-diligence forms to learn about their security measures. While this used to be a common practice, it didn’t provide insurers with a full understanding of a company’s needs. Incorporating Google Cloud into the process also ensures that cybersecurity standards like NIST are being met through security measures.
More and more companies are now using their cloud and spending on cloud services is expected to increase in the coming years. The growth of cloud services also coincides with a few major cyberattacks on company clouds, which has caused a push for stronger cybersecurity measures. As the cyber insurance market grows, it’s important that they offer the best policies to clients and have an understanding of the cyber risks each cloud service faces.
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