AXIS Insurance, the specialty insurance business segment of Bermuda-based AXIS Capital Holdings Ltd., has formed a strategic partnership with cyber security company Elpha Secure.
Cyber insurance and software protection will be offered to small businesses globally to help improve their cyber security, said AXIS in a statement.
A cyber security company built for the insurance industry, Elpha Secure offers Elphaware, a Software as a Service (SaaS) application used to mitigate the risk of common cyber threats. Elphaware provides small and micro businesses with the cyber security tools and protections that are expected in today’s marketplace.
“Today’s small businesses have a need for efficient, effective solutions to manage their cyber risks,” said Dan Trueman, global head of Cyber and Technology at AXIS Insurance.
“Cyber risk mitigation requires sound insurance solutions balanced with resolute cyber security for the resiliency of small businesses and for long-term stability. The Elpha Secure team are innovators, having brought critical cyber risk mitigation solutions to small enterprises and micro-sized businesses,” he added.
Elphaware provides small business owners with a suite of cyber security tools that work alongside existing security measures in a single, simple installation. The software has five primary features:
- Secure, encrypted backups of critical data
- Multi-factor authentication for remote access
- Ability to restore compromised systems in hours
- Creation of a virtual private network (VPN)
- Insider threat and anomaly detection
Elphaware provides its users with fundamental cyber protection from social engineering and malware attacks, such as ransomware, and enables small businesses to recover quickly in the event of an incident, explained AXIS.
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at Dec. 31, 2020 of $5.3 billion and locations in Bermuda, the United States, Europe, Singapore and Canada.
Source: AXIS Capital
Topics Mergers & Acquisitions Cyber Commercial Lines Business Insurance
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