The collaboration will give Microsoft customers access to on-demand, cloud-based cyber insurance from AXA XL
AXA XL, a division of AXA, has collaborated with Slice Labs and Microsoft to help improve cyber health and mitigate risks for Microsoft 365 Business, Office 365 Business Premium and Office 365 Business customers.
Under the collaboration, qualifying Microsoft customers will be given discounted access to Slice on-demand, cloud-based cyber insurance offered by AXA XL.
Customers are expected to benefit from what is claimed to be a holistic end-to-end solution that will not only help them in securing their environment, but will also offer them critical services and the support they need for incident response and remediation in an event of cyber-attack.
The services are all part of AXA XL’s cyber insurance policy, which will be offered at discounted pricing to qualified customers who have a lower insurance risk profile based on security assessment provided by Microsoft Secure Score.
AXA XL North America cyber insurance team chief underwriting officer John Coletti said: “This new level of integration with Microsoft and Slice Labs reinforces the fact that insurance is no longer an after the fact product that companies should use as a band-aid when an incident occurs.
“We’re excited to bring a solution to market that only large enterprises have procured in the past to SMB’s who need it just as badly.”
As per Forrester Consulting survey, about half of SMBs faced cyberattacks within the last year
According to a recent survey conducted by Forrester Consulting, it was found that cybersecurity attacks are a business reality for small and mid-size businesses (SMBs), with nearly half having a breach within the last year.
It is also of concern that 27% of the surveyed businesses were unaware if they’ve had a breach. Another issue is that 58% of the SMBs struggle to maintain basic cybersecurity.
Microsoft security & compliance senior business development & strategy manager Tara Knapp said: “Slice Labs and AXA XL share our vision to improve cyber health so that businesses can confidently achieve their goals without the fears of being paralyzed by cyber criminals.
“Cyber insurance is a critical component for our customers. Now, Microsoft 365 Business and Office 365 Business customers who are able to demonstrate an elevated security posture can be rewarded with better insurance rates.”
In September, AXA XL selected Accenture to provide global cybersecurity expertise to its underwriters, brokers and clients to strengthen their cyber capabilities and combat and recover from cyberattacks.
Under the partnership, AXA XL will tap into Accenture’s cybersecurity capabilities such as iDefense threat intelligence team, to help its clients gain a deeper understanding of their cyber risks and offer bespoke reports on cyber threats.