AXIS Capital Holdings Limited has announced the launch of the AXIS Cyber Center of Excellence, a project which aims to develop products and solutions for mitigating cyber threats associated with companies’ tangible and intangible assets.
Led by Dan Trueman, Global Head of Cyber at AXIS, the new center will address the US $445 billion cost that companies incur every year due to the threat of cybercrime and cyberattacks using a range of commercial re/insurance protection and mitigation solutions.
The center will provide companies with access to risk assessment modelling tools, cyber education and training courses, analytic research and reports, and a number of risk advisory consulting services.
Trueman commented: “The AXIS Cyber Center of Excellence is the specialty insurance industry’s premier global resource for mentorship, education, consulting services and solutions to help improve brokers’ and insureds’ understanding of the cyber risk environment so they can effectively manage the totality of their cyber risks.
“Housing our global cyber products and solutions, the AXIS Cyber Center of Excellence will leverage the AXIS Cyber team’s underwriting expertise to help clients more effectively manage the dynamic environment of their cyber risks.”
Matthew Fosh, Executive Chairman, Europe, for AXIS, will provide advisory support to the Global Cyber team as Chairman of the AXIS Cyber Center of Excellence.
Fosh said: “Through the AXIS Cyber Center of Excellence, we are taking a holistic approach to helping our clients and partners solve their existing and emerging cyber risks.
“Mitigating any risk begins with education, and that is the basis from which we have built the AXIS Cyber Center of Excellence – a resource to brokers and insureds to improve their understanding of the cyber risk environment and arm them with solutions for mitigating those risks.”
The expanding and rapidly-evolving cyber risk landscape is one of the insurance and reinsurance sectors biggest challenges and opportunities. To date, companies have struggled to adequately address the cyber risk landscape, mainly as a result of its inherent complexity and constantly changing dynamics.