In response to the growing threat of malware and ransomware attacks and other cybersecurity threats facing businesses today, Apple, Cisco, Allianz and Aon announced a new holistic cyber risk management solution on February 5, 2018.  The new product is designed to provide a comprehensive framework for companies to reduce cyber risk by leveraging the expertise of each of the partners.  As cyber incidents often impose significant costs on companies that can be difficult to bear directly, cyber insurance can help provide some protection.  In a video promoting the new product, Anthony Belfiore, Chief Security Officer at Aon, described getting cyber insurance as “hav[ing] a parachute” so that a company does not “have to worry about these exposures the way [they] had to worry about them yesterday.”  While the partners have not made specific pricing information available for the new cyber insurance offering, under most cyber insurance policies, like other insurance plans, the insured pays an annual or monthly fee to obtain coverage for losses resulting from certain specified incidents, often subject to a deductible.
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