Google teams up with Allianz, Munich Re to insure its cloud users

FILE PHOTO: The brand logo of Alphabet Inc's Google is seen outside the company's office in Beijing, China, August 8, 2018. Picture taken with a fisheye lens. REUTERS/Thomas Peter

FRANKFURT (Reuters) - Google is teaming up with two global insurers to cover cyber breaches and related risks for businesses that use its cloud services, the first time a major provider has opened up such insurance to its clients, the companies said on Tuesday.

Major insurers have been treading carefully on cyber risks for years, but the tie-up between Google, Allianz and Munich Re gives the insurers special access to data to see what controls are in place at client firms to help them price the risk.