Google Cloud starts cyber insurance program for the DACH region!

Google Cloud starts cyber insurance program for the DACH region!

Google Cloud has significantly expanded its Risk Protection Program (RPP) to include the DACH region and over 30 other markets in Europe, the Middle East and Africa. This expansion comes in an environment where cyber risks are increasing significantly, particularly in the retail, healthcare and transportation sectors. These sectors have recently experienced a rise in ransomware attacks, leading to rising insurance premiums and stricter underwriting in the industry, such as the investment reported.

With the introduction of new cyber insurance partners such as Zurich-based Chubb and Beazley, the RPP aims to provide tailored solutions specifically designed to meet the needs of Google Cloud customers with annual revenues exceeding $500 million. The initiative is intended to make it easier for companies to present their security measures transparently and thus improve discussions with insurers. Infopoint Security highlights that the program offers companies a data-driven approach to capture risk profiles more precisely and thus reduce premiums.

Innovative insurance solutions

A central component of the expanded program is “Affirmative AI” insurance, which offers specific protection for generative AI applications. This corresponds to the trend that more and more companies are investing in the use of AI technologies. The new offerings also include a Cyber ​​Insurance Hub, a digital tool to create and share real-time security reports with insurers. This allows companies to better assess and communicate their security situation.

Another highlight is the telematics model, which uses current safety data for risk assessment. With this technology, insurers can assess risks in a more informed manner. In addition, qualified customers can forego the classic insurance application and instead use a one-page confirmation to simplify the process. These innovations are intended to optimize the entire insurance process and adapt it to the needs of digital companies.

Protection against future threats

In addition, Chubb offers special protection against potential quantum-based cyberattacks. This shows how seriously Google Cloud is taking the threat situation and how important it is to also consider future risks. The RPP not only protects companies from classic risks such as data protection violations, but also from incorrect AI decisions and liability claims that can result from the operation of generative AI systems.

Monica Shokrai, head of business risk and insurance at Google Cloud, highlights that many companies find the current insurance process inadequate. With the introduction of expanded RPP, Google Cloud aims to proactively address the challenges of the insurance landscape and offer companies new, innovative ways to protect themselves against growing cyber risks.