Apple and Cisco have launched a cyber risk management solution for businesses. The offering involves cyber resilience evaluation services from professional services firm Aon and cyber coverage from insurance and asset management provider Allianz.
The cyber risk management solution provides organizations with access to cybersecurity technology, services and insurance, Apple said. It enables organizations to protect themselves against cyber risks associated with ransomware and other malware-related threats.
What Does the Apple-Cisco Cyber Risk Management Solution Offer?
Key features of the Apple-Cisco cyber risk management solution include:
- Cyber Resilience Evaluation: Aon cybersecurity professionals will assess customers' security posture and offer security recommendations.
- Cyber Insurance: Customers using Cisco Ransomware Defense and/or qualified Apple products are eligible to receive an enhanced cyber insurance offering underwritten by Allianz.
- Incident Response Services: Organizations can work with the Cisco and Aon incident response teams in the event of a malware attack.
Ultimately, the cyber risk management solution helps organizations stop cyber threats and respond to advanced threats faster than ever before, according to Cisco. It also enables organizations to access cybersecurity insights and expertise to bolster their security posture, Cisco stated, and use cyber insurance for protection against business interruption and data loss.
The Apple-Cisco cyber risk management solution is now available.
Why Did Apple and Cisco Release a Cyber Risk Management Solution?
With the cyber risk management solution, both Apple and Cisco could capitalize on the rising demand for cybersecurity services and cyber insurance.
Global cybersecurity spending will exceed $1 trillion from 2017 to 2021, according to research firm Cybersecurity Ventures. The market was projected to be worth $120 billion last year, Cybersecurity Ventures indicated, and could grow by roughly 35x over 13 years.
Furthermore, the global cyber insurance market is expected to expand at a compound annual growth rate (CAGR) of nearly 28 percent between 2016 and 2022, market research firm Allied Market Research said. Allied also has predicted this sector could be worth $14 billion by 2022.
Is Cyber Insurance a Must-Have for Businesses?
As organizations search for ways to safeguard their sensitive data and limit risk, cyber insurance could become exceedingly important to companies around the globe.
Sixty-three percent of small and medium-sized enterprises (SMEs) have experienced a cyber incident, yet 57 percent still do not have cyber insurance, according to a recent survey of 200 U.S. and UK SMEs conducted by international specialty insurance underwriter Argo Group.
Meanwhile, the average cost of a data breach totals $3.6 million, and the average cost per lost or stolen record during a data breach is $141, last year's "Cost of Data Breach" study from IBM and research firm Ponemon Institute showed.
Large companies are more likely than small and medium-sized businesses (SMBs) to buy cyber insurance. However, cyber insurance is quickly becoming a must-have for organizations of all sizes, the Insurance Information Institute noted.