Global Insurance Provider Chooses Leading Security Ratings Firm to Infuse Risk Intelligence into Underwriting Process
SecurityScorecard, the leader in security ratings, today announced that it has been selected by AXA, the world’s largest insurance company, to provide security ratings as part of the underwriting process for AXA’s rapidly growing cybersecurity business.
The SecurityScorecard platform will provide AXA’s underwriters with an overall risk rating and detailed view into the cyberhealth of their insureds. AXA will use the ratings to determine insurability, as well as evaluate premiums for new policies and renewals.
“Cybersecurity threats present a serious risk to businesses of all types and sizes,” said Scott Sayce, Global Chief Underwriting Officer of Cyber at AXA. “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.”
“AXA has the ambition to develop Cyber Risk Consulting services for Commercial Lines clients,” said Corinne Vitrac, AXA Risk Consulting CEO. “This partnership with SecurityScorecard is an important step in the development of our cyber services platform.”
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SecurityScorecard continually 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.
“AXA and SecurityScorecard are pioneering the cyber insurance industry,” said Aleksandr Yampolskiy, CEO and co-founder at SecurityScorecard. “It is a privilege to work with such a visionary brand. This partnership demonstrates the value of the SecurityScorecard platform and the trust top business leaders have in our score. Our vision is to create a ubiquitous language for cybersecurity that facilitates collaboration and communication between business partners.”
AXA Venture Partners, the venture capital fund backed by AXA, participated in October 2017 to the $27.5 million Series C funding round and has been instrumental in the implementation of this global agreement with AXA.