AXA XL, the property & casualty (P&C) and specialty risk division at AXA, has announced it will provide global cybersecurity services to its clients via a new partnership with professional services firm Accenture.
Using Accenture’s cybersecurity capabilities, AXA XL will help its underwriters, brokers and clients to gain a deeper understanding of cyber risks and provide reports on cyber threats.
Additional services delivered by Accenture will help AXA XL clients mitigate cyber risks, with post-breach security services available for clients outside the US, including incident management and IT forensics.
For AXA XL’s US clients, Accenture will deliver post-breach services as part of a group of service providers.
The partnership will initially focus on the manufacturing, retail, healthcare and financial services industries, but will be expanded to cover the P&C industry by early 2020.
“We are very excited to announce this comprehensive 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 cybersecurity while also protecting clients from an insurance perspective in a transparent and forward-thinking way.”
Sushil Saluja, a Senior Managing Director at Accenture and leader of it Financial Services group in Europe, also commented: “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, cyberattacks could cost companies US$5.2 trillion in value-creation opportunities, he explained.”
“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.”
Max Richter, a Managing Director in Accenture’s UK insurance practice and the global account lead for AXA XL, further stated: “We believe there is huge potential for a differentiated cybersecurity proposition through our partnership with AXA XL.
“This partnership will give AXA XL’s underwriters, and particularly their clients, vast access to Accenture Security’s ecosystem, including threat intelligence, risk mitigation and post-breach services, which should foster more informed decisions about cyber risk and better post-breach outcomes.”
