Accenture will provide cybersecurity services to understand and mitigate cyber risks and post-breach services
AXA XL, AXA’s property & casualty (P&C) and speciality risk division, has selected Accenture to provide cybersecurity services to AXA XL’s underwriters, brokers and clients.
The cybersecurity services will help in strengthening their capabilities to combat and recover from cyberattacks.
AXA XL will take support from Accenture Security’s iDefense threat intelligence team to help its clients gain a better understanding of their cyber risks and to provide them with actionable reports on cyber threats.
AXA XL global P&C insurance business CEO Jason Harris said: “We are very excited to announce this comprehensive security partnership, which is designed to identify and serve the cyber-related needs of our clients.
“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.
“It is paramount that we promote improved cybersecurity while also protecting clients from an insurance perspective in a transparent and forward-thinking way.”
AXA XL and Accenture aim to help clients understand and mitigate cyber risks
AXA XL will also offer global clientele additional services, delivered by Accenture, which can help them to understand and mitigate cyber risks. Initially, it will be done on an industry basis for manufacturing, retail, healthcare and financial services among others and will be expanded to include the P&C industry early next year.
Accenture will offer post-breach security services for AXA XL clients outside of the US, such as incident management and IT forensics.
For the insurer’s clients in the US, Accenture will offer post-breach services as part of a group of service providers.
Accenture Financial Services group in Europe senior managing director Sushil Saluja said: “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.
“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.”
Earlier this month, AXA XL partnered with Neptune Flood, an all-digital flood insurance programme administrator, to expand Neptune Flood Insurance’s capacity to homeowners throughout the US.
Neptune Flood offers coverage to residences across all flood zones including non-mandatory zones which have been hit hard in the recent years.