Swiss Re is linking up with IBM in a bid to address demand for better corporate cyber risk protection.
Neither side is disclosing financial details.
Specifically, the partnership is between the Swiss Re Corporate Solutions division and IBM Security. They’re focused on the idea that IBM’s information technology security expertise and Swiss Re Corporate Solutions underwriting can be combined to produce coverage and services to help clients combat cyber attacks.
Over time, Swiss Re/IBM said they also envision developing “innovative services” that could help boost cyber protection for clients in as-yet-unforeseen ways.
Francois Brisson, Swiss Re Corporate Solutions’ head of cyber technology, explained in prepared remarks that the arrangement is designed to provide a way for clients to better analyze and assess their cyber risk exposure, help them effectively deal with a security breach and create better protections that account for potential future cyber attacks.
Cyber breaches are fast evolving and becoming more sophisticated, and insurers are looking for ways to help clients combat the threat and ensure better ways to stop or minimize future ones.
Approaches vary. Earlier this month, for example, American International Group invested in global investigative consultancy K2 Intelligence in a bid to deepen its ability to help clients combat cyber risks. K2 focuses, in part on cyber investigations and defense.
On April 22, the U.S. House of Representatives passed legislation that would allow for private companies to share information about cybersecurity threats with the government or other investigators without having to worry about lawsuits.
Source: Swiss Re