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Insurance giants link up with solution providers to offer cyber protection

Source: Asia Insurance Review | Jun 2015

Both Munich Re and Swiss Re Corporate Solutions have recently announced separate partnerships with IT companies Hewlett-Packard and IBM respectively, to offer comprehensive cyber risk protection products and services to their clients worldwide.
   Cyber-crime costs German companies an average of US$8.1 million per year; in the USA the annual cost per company is as high as $12.7 million, according to the Ponemon Institute’s 2014 Cost of Cybercrime Study. 
   As such, if the best possible protection is to be achieved, both the technical and organisational security arrangements and the insurance cover must be customised and coordinated to suit the particular situation. It is only in this way that companies can protect themselves effectively against cyber risks and their consequences, Munich Re said in its statement.
   Meanwhile, Mr Francois Brisson, Head of Cyber Technology at Swiss Re Corporate Solutions said: “We aim to answer some of the most pressing questions of companies that seek cyber risk insurance – questions on unforeseen vulnerabilities, available protections, data monitoring techniques and more. Together with IBM, we not only analyse and assess our clients’ cyber risk exposure but also support them in dealing effectively with a security breach.”
 
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