AXA XL and Accenture are partnering to offer global cybersecurity expertise to AXA XL's underwriters, brokers, and clients in an effort to strengthen their cyber capabilities and combat and recover from cyberattacks.
In a statement, AXA XL – AXA's property and casualty ("P&C") and specialty risk division – said that it will tap into Accenture's global cybersecurity capabilities, including its iDefense threat intelligence team, to help its clients gain a deeper understanding of their cyber risks and provide them with actionable bespoke reports on cyber threats.
AXA XL added that it will be able to offer its clients globally additional bespoke risk mitigation services, delivered by Accenture, to help them understand and mitigate cyber risks. This initially will be done on an industry-basis for the manufacturing, retail, healthcare, and financial services industries, among others, and will be expanded to cover the P&C spectrum by early 2020. Accenture will provide post-breach security services for AXA XL clients outside the United States, including incident management and IT forensics. For AXA XL's U.S. clients, Accenture will provide post-breach services as part of a panel of vendors.
"We are very excited to announce this end-to end 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. 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 who leads its financial services practice in Europe, 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."
Max Richter, Accenture UK's general insurance sector lead and the company's global account lead for AXA XL, said, "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."
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].