AXA To Develop Cyber Risk Consulting Services
SecurityScorecard announced that it has been selected by AXA to provide security ratings as part of the underwriting process for AXA’s cybersecurity business. The Goal – to provide AXA’s underwriters with an overall risk rating and detailed view into the cyber-health of their insureds.
“Cybersecurity threats present a serious risk to businesses of all types and sizes. Cyber Insurance is a rapidly growing business for AXA because it helps reduce the financial losses that businesses incur should they become a victim of a cyber-attack. Forward looking businesses seek cyber insurance products because they understand modern day risks or need to carry a policy in order to conduct business with their customers. The SecurityScorecard platform will help us rapidly evaluate companies to understand their cyberhealth and provide our underwriters with crucial information needed to evaluate an insured’s risk.” – Global Chief Underwriting Officer of Cyber at AXA, Scott Sayce.
“AXA has the ambition to develop Cyber Risk Consulting services for Commercial Lines clients. This partnership with SecurityScorecard is an important step in the development of our cyber services platform.” – AXA Risk Consulting CEO, Corinne Vitrac.
SecurityScorecard, which raised $62M in funding since its inception back in 2013 and is an AXA-backed company, regularly monitors over 200,000 businesses across the world and rates them on an easy to understand A-F scale. Companies that rate as a D or F are 5.4 times more likely to be breached than companies that rate as an A or a B. The platform also provides ratings across 10 risk factors, which gives deeper insights into the company’s security. SecurityScorecard’s cyber insurance offering utilizes the platform’s automation and security analytics capabilities to rapidly deliver ratings to underwriters for any company and analyze risk, a unique differentiator in the marketplace.