Allianz Global Corporate & Specialty (AGCS) and Check Point Software Technologies launch initiative to improve cyber resilience of businesses

Allianz Global Corporate & Specialty SE (AGCS), Allianz Group’s specialist carrier for corporate insurance business, and Check Point Software Technologies Ltd, a leading provider of cybersecurity worldwide, today announced a cyber risk management solution for businesses. The security offering is comprised of Check Point’s advanced threat prevention solutions for the entire IT infrastructure and options for enhanced cyber insurance coverage from Allianz. The new initiative will be available to Check Point and Allianz customers as well as other businesses of all sizes based in Denmark, Finland, Norway and Sweden.  

Check Point customers and other businesses that have been evaluated as being secure to cyber-attacks from the 3rd generation [1] and above, can be eligible for the AGCS enhanced insurance offering, acknowledging the high level of security afforded to businesses by Check Point technology. Insurance enhancements available to these customers may include broader policy coverage terms and conditions such as potentially qualifying for lower or even no, deductibles in certain cases. The cyber insurance coverage is underwritten by AGCS.  

Business in the Nordic region that are not currently Check Point customers can opt for a Check Point assessment to determine their enterprise security level.

In the wake of a year of mega data breaches and privacy scandals, major IT outages and the introduction of tighter data protection rules in the European Union and other countries, cyber risk is now a core concern for businesses in 2019. According to the latest Allianz Risk Barometer which surveys over 2,400 risk management experts from 80+ countries, cyber incidents are now the joint biggest risk (along with business interruption) for global businesses [2].

 “This initiative with Check Point provides an extensive cyber risk management solution for businesses faced with ever- sophisticated and growing cyber threats. We can provide businesses with guidance on what cyber defences, resources and processes to deploy to improve their cyber resilience,” said Hartmut Mai, AGCS Board Member. “Coupling technology with insurance risk transfer is an effective way to protect companies against cyber risk. However, if an incident still happens, companies are compensated for financial losses and benefit from important incident response services through our partner network.”

“While the risk is growing exponentially, most enterprises still use security solutions designed to protect against the previous generation of threats”, said Itai Greenberg, VP Product Management, Check Point Software Technologies. “These solutions are not as effective in dealing with the new generation targeting the businesses at multiple angles. Our technology and threat prevention solutions, around our Infinity product suite bring together a unified security framework to better manage cyber risk: real-time cyber threat assessment, prevention, shared intelligence and advanced security across networks, cloud and mobile.”

Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 12 dedicated lines of business.

Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are not only the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also wineries, satellite operators or Hollywood film productions. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.

Worldwide, AGCS operates with its own teams in 33 countries and through the Allianz Group network and partners in over 200 countries and territories, employing over 4,400 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2018, AGCS generated a total of €8.2 billion gross premium globally.