Munich Re and Hewlett-Packard cooperate on cyber security

In order to arrive at an overall assessment of the digital risks of large companies followed by the effective minimisation of these risks, Munich Re has concluded a partnership agreement with Hewlett-Packard, the American technology company. The two companies have joined forces to offer a combination of risk assessment, defensive measures and insurance cover to provide the most comprehensive possible protection against cyber risks.

Munich. Cyber crime costs German companies an average of USD 8.1 million per year; in the USA the annual cost per company is as high as USD 12.7 million1. If the best possible protection is to be achieved, both the technical and organisational security arrangements and the insurance cover must be customised and coordinated to suit the particular situation. It is only in this way that companies can protect themselves effectively against cyber risks and their consequences. Munich Re is therefore working with Hewlett-Packard and other selected technology partners so that it is in a position to understand and assess the specific digital risks of major companies as precisely as possible.

Major industrial clients gain multiple benefits from this new collaboration with Hewlett-Packard (HP): "By having an outstanding partner for information security we can offer our clients much, much more than just insurance" explained Nils Diekmann, underwriter for cyber risks at Munich Re. "Optimal protection for our clients requires the right balance of IT security measures and a cyber insurance solution."

HP's principle contribution is its technical and organisational expertise in risk identification, measures for risk minimisation and forensic investigation in the event of a claim. Munich Re's principle strength is its ability to assess digital risks from an underwriting point of view, to develop a customised insurance solution and to provide the client with rapid support in its recovery after a claim. The insurance solution is based on a modular approach and affords not only financial support for the company's own losses or third party losses after data theft. The very detailed analysis also enables Munich Re to offer clients insurance cover, for example against lost sales resulting from reputational loss, business interruption or contractual penalties.

J├╝rgen Seiter, Regional Sales Director of HP Enterprise Security Services, also sees the collaboration as a win-win partnership: "The modular approach of Munich Re is an ideal fit with our security services which create an individualised map of the specific risk profile of our customers. By using the combination of our services and Munich Re's insurance cover, our customers achieve the greatest possible protection against cyber risks."

You will find additional information on HP Enterprise Security Services at http://www8.hp.com/de/de/business-services/it-services.html?compURI=1079069#.VRu9BfmUf30

1 Ponemon Institute, 2014 Cost of Cybercrime Study
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