Generali to launch cyber insurance solutions for corporates and SMEs

Italian insurance giant Generali has joined forces with Accenture and Vodafone Business to launch cyber insurance solutions for corporate and small and mid-size enterprise (SME) clients around the world.

Through a package of cyber insurance services, Generali plans to help the clients quickly and effectively identify, take action, and recover from cybersecurity threats and events.

The cyber insurance solutions will be offered globally, starting in Europe in early 2022, which is expected to allow for customization based on the local market and client preferences, said Generali.

The initiative from the partners includes assessments of cyber risks, simulations of phishing as well as learning programs to help Generali’s customers in bolstering their ability for ensuring quick restoration of normal operations and to alleviate consequences in their own organization and third parties.

Generali partners with Accenture and Vodafone Business to launch cyber insurance solutions for corporates and SMEs. Photo courtesy of Massimo Goina/ASSICURAZIONI GENERALI S.P.A.

Bruno Scaroni — chief transformation officer of Generali Group said: “Technology, consumer needs and cyber risks are evolving rapidly, and the insurance industry must accelerate to embrace new digital opportunities and respond to increasing cybersecurity needs.

“As part of Generali Group’s 2021 strategic plan, we have allocated over one billion euros to boost the group’s innovation and digital transformation to address these very needs. Building on the strategic collaboration with Accenture and Vodafone Business, Generali will be able to help its corporate and SME customers better understand their risk profile and define the best cyber insurance solutions they need.”

Accenture will be responsible for offering customers of the Italian insurance group with cyber risk assessments apart from giving prompt responses to cyber incidents. The Ireland-based professional services company will also give the cyber insurance underwriters of Generali access to its Security Academy platform, which provides learning programs in various languages on cyber threats and how to tackle them.

Paolo Dal Cin — Accenture Security lead for Europe said: “Cyber risks and threats vary by industry and from one region to the next. Our approach is to bring together the right technology and talent to fit specific industries to help clients be more resilient.

“This collaboration with Generali and Vodafone demonstrates our capability to develop global solutions that truly address local needs.”

Vodafone Business, on the other hand, will focus on SME client, offering post-breach incident response services in addition to handling the contractual relationship with the insured.

Additionally, Europ Assistance, a French insurance company owned by Generali, will offer global coordination and help as a contact point for corporate as well as SME customers, providing round-the-clock front line support to enable clients in identifying cyber incidents and initiate the right resolution services.

Andrzej Kawalec — Vodafone Business head of Cybersecurity said: “We are delighted to enter into this partnership with Generali and Accenture. By leveraging our existing relationship with Accenture, we can offer SMEs an unrivalled range of security services across the globe.

“Working together with Generali and embedding these services into their cyber insurance solutions portfolio offers customers the reassurance that they can respond to the rapidly evolving threat landscape.”