Google Cloud, AGCS and Munich Re to launch a cyber insurance

Allianz Global Corporate & Specialty (AGCS), Munich Re and Google Cloud have jointly developed a new cyber risk management solution called "Cloud Protection +".

This collaboration is part of the "Risk Protection Program" which aims to reduce security risks on the cloud. It offers cyber insurance designed for Google Cloud’s customers.

The solution is designed for companies whose turnover range between 500 million USD and 5 billion USD. The two insurers will split the coverage 50/50 and cover up to 50 million USD of potential losses.

In addition to the cyber risk management solution, the "Risk Protection Program" includes a Risk Manager, a new tool that helps determine a customer's security risk posture on the cloud. For the time being, the product will only be marketed in the United States. It may be extended to other markets at a later date.

The official launch date for the new product has not yet been announced.