News & Press Releases
Allianz Global Corporate & Specialty partners with BAE Systems to help businesses defend against cyber attack
Press Release. London, September 6, 2016.
BAE Systems’ cyber division has teamed up with Allianz Global Corporate & Specialty (AGCS) to help its customers better defend and protect against the threats they face from cyber breach. The partnership sees BAE Systems join Allianz’s exclusive Incident Response panel, set up to help businesses minimise data loss and reputational damage from a cyber-attack.
BAE Systems has decades of experience of working with Governments, nations and businesses to counter the threat posed by cyber-attack, and has proven time and again its ability to act quickly in the event of a data breach.
How companies respond in the first 72 hours following a security breach matters more than what happens later in containing direct and indirect losses. However, it is common for companies to lose valuable time in finding and contracting the specialists they need. The relationship with BAE Systems will offer Allianz customers access to the Company’s GCHQ-accredited incident response experts for the very first time, allowing them to identify and tackle potential shortfalls, and address any breach effectively when minutes really count.
Nigel Pearson, Global Head of Fidelity at Allianz Global Corporate & Specialty said: “The new generation of cyber risks are more complex: moving from corporate data breaches and privacy concerns to threats including intellectual property theft, cyber extortion and the impact of business interruption following a cyber-attack or from operational or technical failure; a risk which is often underestimated.
“With our new partner BAE Systems, our cyber insurance policyholders will benefit from unique access to a panel of forensic IT experts who will work with them to manage a cyber incident.”
Dr Scott McVicar, General Manager EMEA, BAE Systems Applied Intelligence commented: “Businesses are increasingly aware of the risk posed by cyber-attack and the damage that they might face if they do not effectively prepare for potential breaches. We have also seen that the way that companies respond in the event of an attack can have a significant impact on customer perceptions, share value, reputation, brand loyalty and even senior leadership.
“This collaboration helps address the potentially far-reaching impact of a breach, providing Allianz clients with access to industry leaders to reduce, transfer or manage cyber risk.”
Cyber risk appears in many forms, all of which can represent major threats to business. Companies increasingly face new exposures, including first and third-party damage, business interruption and regulatory consequences.