AXA is positioned on the cyberassurance companies

Insurance for cyber-risk : AXA enters into a new partnership

Like other insurance players in France and abroad, AXA has decided to position itself on the cyberassurance. To this end, the insurance group has recently signed an agreement with SecurityScorecard, a start-up american firm specializing in the evaluation of cyber risks for businesses. Spotlight.

A notation to better understand the risk of cyber companies

In terms of cyber-risks, the market appears to be both promising and marked by the difficulty of assessing the risk in the absence of sufficient data for a pricing more fair.

In order to better understand this market, the AXA group partnered with the start-up SecurityScorecard who has made a speciality of the analysis of the cyber security business.

Executive director of AXA Matrix Risk Consultants, Corinne Vitrac explains that this agreement is concluded on Tuesday, June 5, 2018 brings to the insurance group » one of the bricks that allow to subscribe «. And the interested, to specify that the platform developed by SecurityScorecard allows you to submit a score «to each of the corporate risks,» covered by AXA. In fact, the start-up follows more than 200 000 enterprises and proceeds to their classification on a scale of a to F. Thus, one learns that companies rated D or F are 5.4 times more likely to be victims of an intrusion than those who have obtained an A or a B.

Finally, based on 10 risk factors, this rating allows the insurer to have a » vision of a more in-depth security of the company «.

A better assessment of insurance rates cyber

Thanks to the agreement with SecurityScorecard, the insurer AXA will use notes prepared for determining the character insurable risk and evaluate contract rates of cyberassurance.

Further, the insurance group wants to go further with the development of consulting services in the field of cyber risks to its business customers. As well, Corinne Vitrac confirms that it is an «important step» for the development of the platform of AXA devoted to their » cyber «.

Finally, note that at the present time, the activity of AXA on the insurance market for cyber risk is «a few tens of millions of euros » of premiums.

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