Understand Google Cloud’s Risk Protection Program
1. Understand Google Cloud’s Risk Protection Program
Organizations buy insurance policies as a common practice to protect their buildings and people from unforeseen events. You might not imagine a business can also buy insurance to protect their technology, but they can. In this video, you’ll learn about applying for cyber insurance using Google’s Risk Protection Program. Cyber insurance is a type of policy that covers businesses against financial losses resulting from cyber incidents. Cyber insurance offers a number of benefits. For example, if an organization is hit with a cyberattack that keeps it from doing business for a few days, cyber insurance helps to cover the lost revenue. The insurance may also help recover any lost data and replace damaged equipment. It also will provide an investigation into how the incident occurred, and cover any legal and regulatory fees. Lots of organizations require that their business partners have cyber insurance in place as part of their risk management plan. Though cyber insurance is often required, it comes with its own set of challenges. Buying cyber insurance can be challenging because it’s usually seen as difficult to underwrite. Underwriting is an insurer’s process of pricing an insurance policy. The first challenge is that cyber insurance can be expensive and difficult to get. Through the underwriting process, the insurance carrier decides on a fair price to charge the customer to cover a potential loss. Another challenge is that cyber insurance underwriting can be complicated, especially in cloud environments. There’s not much information out there to help cyber insurance underwriters predict the likelihood of a breach or other incident. One last challenge is that cyber insurance can also be difficult for organizations to get because of difficulties with loss prevention. Some experts disagree on the impacts of security controls and on the best strategies for preventing cybersecurity losses. This makes it difficult for insurance companies to decide whether they will insure an organization, how much the policy will cover, and what the cost will be. To help make this process easier, Google developed the Risk Protection Program, a solution that provides insurance carriers with information about an organization’s level of risk. The Risk Protection Program sends data from Risk Manager directly to Google’s insurance carrier partners to help make underwriting cyber insurance easier and more accurate. Here are the Risk Protection Program steps an organization follows to join the Risk Protection Program. First, the organization must generate a Risk Manager report. Risk Manager reports provide centralized recommendations an organization can use to minimize risk. After an organization’s management approves the Risk Manager report, the organization then sends it to the insurance carrier. Next, the insurance carrier sends a specialized security questionnaire to the organization to fill in any details about the organization’s security posture. The Risk Manager report and questionnaire let the insurance company know that the organization has security controls in place to reduce their risk of a security event or lessen the loss if one does happen. The insurance carrier then uses this information to complete the underwriting process. Then, they send a quote back to the organization through a broker based on the amount of risk the organization carries. Cloud Protection+ is a specialized insurance policy developed by Google in collaboration with insurance carriers and is available through the Risk Protection Plan. Cloud Protection+ helps cover losses to the insured organization’s computer systems or the critical IT systems of third-party IT providers. The policy is based on underwriting that recognizes the security posture and investments of both the insured and Google. Just like a business getting insurance for its building and employees, purchasing cyber insurance is an important part of an organization’s risk management strategy. By learning the Risk Protection Program steps, you now know even more about keeping data in the cloud safe.2. Let's practice!
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