Apple and Cisco now offering cyber security insurance products

Apple and Cisco have started providing insurance policies to help protect businesses against the potential financial risks of cyber attacks.

These policies form part of a wider package that also covers security reviews for companies. As part of the deal Aon (a professional services company) will provide security consulting services to businesses, while the well-known insurance giant Allianz will offer low-cost cyber security insurance provided the client uses specific Cisco security products and Apple devices.

In a statement Tim Cook, Apple’s CEO, said: “We’re thrilled that insurance industry leaders recognize that Apple (AAPL, -2.75%) products provide superior cyber protection, and that we have the opportunity to help make enhanced cyber insurance more accessible to our customers.”

Eight months ago, Chuck Robbins, the CEO of Cisco, and Tim Cook said that the two firms were looking into a joint-insurance scheme for corporate users of their products, but at that stage they did not reveal the names of the insurance companies involved.

The latest development underscores Apple’s plans to become a major player in the field of business technology, retailing its Mac computers, iPads and iPhones to business clients.

Apple and Cisco went into a partnership three years ago when they began sharing engineering teams. The aim of this deal was to create an enhanced level of compatibility between their respective technologies. At that time, they were working towards improving the way in which Cisco’s web and video conferencing, as well as networking services worked with Apple’s MacOS and iOS devices. Now it seems, however, that they have since decided to also include Cisco’s security services in this joint venture.

In August 2017, insurance behemoth AIG (American Insurance Group) also announced it would commence selling insurance plans to American clients who were afraid that sensitive information such as credit card details or social security numbers might be stolen by hackers.

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