AXA XL and Accenture are partnering to offer global cyber-security expertise to AXA XL’s underwriters, brokers and clients to strengthen their cyber capabilities and recover from cyber attacks.
AXA XL — AXA’s property & casualty (P&C) and specialty risk division — will tap into Accenture’s global cyber-security capabilities, including its iDefense threat intelligence team, to help its clients gain a deeper understanding of their cyber risks and provide them with actionable reports on cyber threats.
In addition, AXA XL will be able to offer its global clients additional bespoke risk mitigation services, delivered by Accenture, which will help them understand and mitigate cyber risks. This will initially be done on an industry-basis for the manufacturing, retail, healthcare and financial services industries among others, and will be expanded to cover the P&C spectrum by early 2020.
Accenture will provide post-breach security services for AXA XL clients outside the U.S., including incident management and IT forensics. For AXA XL’s U.S. clients, Accenture will provide post-breach services as part of a panel of vendors.
“We are very excited to announce this end-to end security partnership, which is designed to identify and serve the cyber-related needs of our clients,” said Jason Harris, chief executive of AXA XL’s Global P&C Insurance business.
“As a leader in the cyber insurance market, AXA XL is committed to being a trusted partner in helping our clients improve their cyber security,” Harris added. “It is paramount that we promote improved cyber security while also protecting clients from an insurance perspective in a transparent and forward-thinking way.”
“Cyber risk is one of the biggest threats facing businesses and is profoundly under-insured. In fact, our own research has shown that over the next five years, cyber attacks could cost companies US$5.2 trillion in value-creation opportunities,” said Sushil Saluja, a senior managing director at Accenture who leads its Financial Services practice in Europe.
“While this presents insurers with opportunities, the challenges involved in underwriting cyber insurance are significant, especially given the lack of historical data and the rapid evolution of cyber threats,” Saluja continued.
“We believe there is huge potential for a differentiated cyber-security proposition through our partnership with AXA XL,” said Max Richter, Accenture UK’s General Insurance sector lead and the company’s global account lead for AXA XL.
Source: AXA XL
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