Swiss Re in pact with IBM to offer cyber risk protection

European reinsurance giant Swiss Re  and IBM plan o jointly provide advanced cyber risk protection products and services to companies worldwide.

The IBM - Swiss Re agreement would help businesses to defend themselves against increasingly sophisticated cyber attacks.

The agreement combines IBM's strengths in information technology security with Swiss Re Corporate Solutions' leading-edge underwriting.

François Brisson, Swiss Re Corporate Solutions' Head of Cyber Technology, "We aim to answer some of the most pressing questions of companies that seek cyber risk insurance – questions on unforeseen vulnerabilities, available protections, data monitoring techniques and more. Together with IBM, we not only analyse and assess our clients' cyber risk exposure but also support them in dealing effectively with a security breach."

IBM will assess clients' external and internal vulnerabilities to cyber attacks, giving them options for implementing risk mitigation proposals.

IBM and Swiss Re Corporate Solutions are also exploring innovative services to further enhance clients' protection against cyber threats.

Philip C. Kibler, IBM Security's director, global alliances and computer security incident response team, says, "As businesses evolve, vital assets that were once kept under lock and key now flow freely through the cloud and mobile devices, beyond the four walls of the enterprise. Companies today deploy solutions to secure this new perimeter, and also turn to forward thinking insurers such as Swiss Re Corporate Solutions to provide an extra layer of protection in the event an incident occurs."