12 December 2019News

AXA XL and Slice enhance Microsoft’s cyber coverage

AXA XL has partnered with Slice Labs, the on-demand insurance cloud technology provider, and Microsoft, to improve cyber health and mitigate risks for some Microsoft customers.

The deal will give qualifying customers discounted access to Slice on-demand, cloud-based cyber insurance, provided by AXA XL.

It gives Microsoft customers access to technology to secure their environment, as well as support services if they experience a cyber-attack, as part of AXA XL's cyber insurance policy.

The cover is offered at a discounted price to qualified customers who represent a lower insurance risk, based on an assessment by Microsoft Secure Score.

According to a recent Forrester survey, half of all small and medium sized businesses have experienced a cyber breach within the last year. More than a quarter (27 percent) of respondents to that survey could not say whether they had experienced a cyber breach or not.

John Coletti, chief underwriting officer in AXA XL's cyber insurance team in North America, said: "This new level of integration with Microsoft and Slice Labs reinforces the fact that insurance is no longer an after the fact product that companies should use as a band-aid when an incident occurs.”

Tim Attia, CEO and co-founder of Slice, said the cloud had changed the insurance business, making it a must-have asset. He called the partnership with Microsoft and AXA XL "continued validation that our foresight as the pioneer of on-demand, cloud-based insurance that protects digital ecosystems aligns with today's B2B, B2B2C, and B2C appetites for more intelligent and flexible insurance protection.”

Tara Knapp, senior business development and strategy manager of Microsoft security and compliance, said: "Cyber insurance is a critical component for our customers. Now, Microsoft 365 Business and Office 365 Business customers who are able to demonstrate an elevated security posture can be rewarded with better insurance rates."