Google Cloud expands RPP to 30+ EMEA markets

Google Cloud has announced an expansion of its Risk Protection Program (RPP) to over 30 EMEA markets - including the UK - and is welcoming new cyber insurance partners - Beazley and Chubb. This update comes at a critical moment for sectors like retail, where the string of recent ransomware attacks could potentially drive a surge in cyber insurance premiums.

After a period of falling prices, brokers are now warning of double-digit rate hikes and tougher underwriting across industries - from retail to healthcare and transportation. Most importantly, brokers are expecting increased scrutiny on cyber security controls, which the Risk Protection Program can help both customers and insureds with, in an automated, more streamlined way.

News summary

A summary of today’s news:

• Google Cloud’s RPP combines cloud security insights with insurer expertise to unlock tailored, competitively priced cyber insurance for Google Cloud customers - including coverage for emerging AI-related risks and future-facing threats such as quantum-enabled attacks;
• Using Google Cloud’s Cyber Insurance Hub, customers can generate real-time reports on their cloud security posture - which can be shared directly with insurers to enable smarter, faster, and lower-friction underwriting.
• This is an early move toward a “telematics of cyber” model - where real-time cloud security data can help shape insurance pricing based on actual risk posture, rather than static assessments;
• New partners - Beazley (UK-HQ’d) & Chubb join founding partner - Munich Re, which is also expanding its collaboration by onboarding Munich Re Speciality and its SMB-focused subsidiary - HSB. Together, these major insurers around the world will help deliver more tailored, accessible, and risk-aligned coverage for Google Cloud customers globally.

The cyber insurance market

Monica Shokrai, Head of Business Risk and Insurance at Google Cloud, said: "The cyber insurance market is still maturing, particularly with regards to how metrics are used to assess risk. Many CISOs we talk to are frustrated by the insurance procurement process, often feeling like the questions being asked on insurance applications don’t accurately assess their risk, despite insurers investing in continuously improving their process."

She adds, "There’s also a general concern that cyber insurers can’t yet adequately price cyber insurance as a whole, which can contribute to market swings and concerns over rising rates after a few big events."

Risk Protection Program

Monica Shokrai said, “With our expanded Risk Protection Program, we’re working hand-in-hand with insurers to change that. By combining real-time cloud security insights with insurer expertise, we can improve risk visibility, enable smarter underwriting - and ultimately, offer broader and more affordable protection to our customers.”

She adds, “At Google, we’re committed to helping customers improve their cyber security posture. Through our shared fate approach, we partner with customers to help reduce their risk. Our Risk Protection Program then rewards them for their stronger security posture.”

Monica Shokrai concludes, “This is an opportunity for organisations to use the cyber insurance procurement process as a catalyst to drive better security hygiene, while also ensuring their efforts are recognised via competitively priced policies.”