Apple and Cisco have announced that businesses that use products from both companies will get discounts on cyber security insurance premiums.
Apple and Cisco will offer discounts on cyber security insurance as they consider their products to be more secure than those offered by the competition.
Apple CEO Tim Cook and Cisco CEO Chuck Robbins have together announced that businesses using their joint products would soon get discounts on cyber security insurance premiums. Cook stressed that since products from both companies are highly secure, cyber-security insurance should cost significantly less.
"The thinking we share here is that if your enterprise or company is using Cisco and Apple, the combination of these should make that (cyber-security) insurance cost significantly less. This is something we're going to spend some energy on. You should reap that benefit," said Cook.
An official Cisco blog post titled 'Apple and Cisco: Partnering to Deliver the Deepest Visibility and Security Control for a Mobile Workforce' has listed out Cisco's future strategies concerning cyber-security insurance.
"We’re collaborating with insurance industry heavyweights to lead the way in developing the architecture that enables cyber insurance providers to offer more robust policies to our customers. We will do this by enabling continuous security monitoring and a measurable reference architecture that includes technologies from Apple and Cisco," wrote Cisco researcher David Ulevitch.
Cisco will also release the new Cisco Security Connector app for iPhone and iPad later this year. The app will, Cisco says, 'deliver the deepest visibility, control, and privacy for iOS devices' and will offer businesses the best protection no matter where they are located.
Earlier this year, a survey of 350 corporate executives based in the US, Canada, the UK and the Nordics and conducted by Ovum for Silicon Valley analytics firm FICO revealed that as many as 31% of all UK firms did not have any form of cyber security insurance, compared to 40% in the United States.
The survey also revealed that only 28% of all UK-based organisations had cyber-security insurance that covered all risks. One in every three executives also believed that their premiums did not accurately reflect the true nature of risks they faced.
“The UK will soon be subject to General Data Protection Regulation (GDPR), which introduces higher fines in cases of data breach. Even if attacks don’t increase in volume, firms could end up paying more, which makes having comprehensive insurance more important," said Steve Hadaway, FICO general manager for Europe, the Middle East and Africa.
"At the same time, companies have a right to expect that they will pay less if their protection is better. The onus is on the cybersecurity insurance industry to make sure insurance rates are fairly set for each individual firm, based on a sound analysis of its risk,” he added.