Allianz Global Corporate & Specialty (AGCS) enhances Cyber-Security offering with the addition of FireEye to Cyber Risk Panel

Press Release | September 26, 2016 | London

AGCS today announced the addition of FireEye to its panel of service providers, which has been set up to help businesses minimise data loss, business interruptions and reputational damage from a cyber event.  AGCS clients now have access to FireEye technology, intelligence and expertise to eliminate the complexity and burden of cyber security for organizations. With deep knowledge of sophisticated attack techniques and specialized areas such as protecting Industrial Control Systems, FireEye scales to match the cyber defence capabilities with their organization’s risk profile for customers across more than 65 countries worldwide.

It is estimated that cyber-crime costs the global economy approximately $445bn a year1, with the world’s largest economies accounting for around half of this, according to data in the AGCS report, ‘A Guide to Cyber Risk: Managing The Impact of Increasing Interconnectivity’. Businesses are driven by real-time data. Any interruption of the process chain – even for a minute – could cause a severe business interruption, impacting the balance sheet. By working with FireEye, AGCS policy holders will benefit from leading detection technology, nation-state grade threat intelligence and services expertise based on responding to hundreds of the most sophisticated attacks/events across the globe. Organizations can reduce the time from detection to response and mitigate the impact of a cyber event before it impacts business continuity.

As part of these services offerings, AGCS clients can now benefit from FireEye’s proactive Industrial Control Systems (ICS) Healthcheck, where experts evaluate how well organisations’ ICS security program and architecture are segmented, protected and monitored. More information on how FireEye helps secure industrial environments.

“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,” commented Rich Stegina, VP Technology Alliance Partners, FireEye. “There is no “one-size-fits-all” approach to cyber security. The threat landscape is constantly evolving and together with AGCS we can offer clients a better way to evaluate and manage their cybersecurity risk and provide solutions matched to their individual needs.”

“FireEye has one of the most experienced and well-resourced teams in the world. Their disciplined approach and geographic reach will prove extremely valuable to our clients.” said Nigel Pearson, Global Head of Fidelity at Allianz Global Corporate & Specialty.

“Digital and technological innovations and transformations, such as Industry 4.0, bring new risks in addition to benefits. Increasing sophistication of cyber incidents is the impact of increasing digitalization that highly complex and regulated businesses fear most2,” said Rishi Baviskar, Senior Cyber Risk Consultant at Allianz Global Corporate & Specialty.

“Our Cyber Expert Panel enables us to provide a holistic approach to mitigating cyber-risks to client’s critical information systems. The combined expertise of the panel increases our ability to address multi-disciplinary challenges, enabling policy holders to focus on their businesses; being assured that they have the best support in place should a cyber event happen,” Baviskar added.

[1] Net Losses: Estimating the Global Cost of Cyber-Crime, CSIS/McAfee

[2] Allianz Risk Barometer 2016 

Allianz Global Corporate & Specialty (AGCS) is the Allianz Group's dedicated carrier for corporate and specialty insurance business. AGCS provides insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business: Marine, Aviation (incl. Space), Energy, Engineering, Entertainment, Financial Lines (incl. D&O), Liability, Mid-Corporate and Property insurance (incl. International Insurance Programs).

Worldwide, AGCS operates with its own teams in 34 countries and through the Allianz Group network and partners in over 210 countries and territories, employing almost 4,700 people of 70 nationalities. AGCS provides insurance solutions to more than three quarters of the Fortune Global 500 companies, writing a total of €7.4 billion gross premium worldwide in 2017.

AGCS SE is rated AA by Standard & Poor’s and A+ by A.M. Best.
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