Global insurance giant Allianz has teamed with tech power-hitters Cisco and Apple and insurance broker Aon to develop a comprehensive cyber risk management solution.

The co-created solution is designed to help organisations better manage and protect themselves from cyber risks associated with ransomware and other malware-related threats, the companies said.

Acknowledging malware and ransomware as “the most common threats faced by organisations today”, the partners joined forces to help organisations “understand and manage the risk effectively.”

“Cybersecurity risk is growing. Losses from cyber threats are outpacing investment in IT security,” the group said.

Bill Scaldaferri, President and chief executive of Allianz Global Corporate and Speciality (AGCS) North America, said the strategic partnership has developed “a unique solution to companies using this integrated platform to manage risk and ultimately strengthen their battle against high-profile threats.”

The co-produced solution comprises five key measures:

1. Cyber Resilience Evaluation: Aon cybersecurity professionals will assess interested customers’ cybersecurity posture and recommend ways to help improve their cybersecurity defences.

2. Cyber Insurance: Customers using Cisco Ransomware Defense, and/or qualified Apple products can be eligible for the Allianz-developed enhanced cyber insurance offering.

3. Cisco Ransomware Defense:  includes email security, endpoint protection and cloud-delivered malicious internet site blocking.

4. Apple products: iPhone, iPad and Mac users will be offered always-on hardware encryption, as well as support for secure networking protocols like Transport Layer Security (TLS) and VPN out of the box.

5. Incident Response Services: Organisations will have access to Cisco and Aon’s Incident Response teams in the event of a malware attack.