AXA XL and Accenture’s partnership will give the insurer a new service to help clients respond to and recover from cyber attacks. Managing general agent Cowbell Cyber said it will incorporate Advisen’s collection of publicly referenceable cyber loss events into its continuous underwriting insurance platform.
AXA XL is using Accenture’s Cyber Incident Response service to help its clients respond to and recover from cyber attacks.
In the event of an attack, AXA XL clients will now have access to Accenture Security’s global network of cybersecurity expertise and technology products/services to help resolve cyber incidents, the companies said in their announcement. The Cyber Incident Response Service is being rolled out in AXA XL’s International markets.
Accenture will provide post-breach security services for AXA XL clients outside the U.S., including incident management and information technology (IT) forensics. AXA XL U.S. clients have the option to choose Accenture to deliver post-breach services, among a group of other providers. The partnership between Accenture and AXA XL was originally announced last year.
The Cyber Incident Response Service guides affected companies through each stage of a cyber incident claim, from the initial reporting of the attack to the Accenture Cyber Incident Response team to containing the breach and restoring the business. Accenture also provides access to legal support, IT forensics and crisis communications advice as well as other relevant value add services.
Managing general agent Cowbell Cyber said it will incorporate Advisen’s collection of publicly referenceable cyber loss events into its continuous underwriting insurance platform.
Cowbell, an InsurTech startup, uses artificial intelligence to help shape cyber insurance for small to midsize enterprises. Its proprietary machine learning algorithms will use Advisen loss data to compile its Cowbell Factors rating index for coverage and help address current cyber coverage gaps, the company said.
Cowbell Cyber said Cowbell Factors enables standalone and customized cyber coverage that match policyholders’ needs as they evolve. Coverage is specifically designed for cyber risk exposure — not entwined with other lines of coverage.
Cowbell Cyber launched its cyber insurance policy, Cowbell Prime, in January 2020 and is actively appointing agencies in six U.S. states.
Sources: AXA XL/Acccenture, Cowbell Cyber, Advisen