In the event of an attack, AXA XL clients will now have access to Accenture Security’s global network of cybersecurity expertise and technology solutions to help resolve cyber incidents.
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.
“Cyber threats are increasing and becoming more sophisticated, which is why we are committed to helping businesses improve their cybersecurity as part our leading cyber insurance service,” said James Tuplin, head of Cyber and TMT, International at AXA XL. “Through our partnership with Accenture, our clients can access global cybersecurity expertise and technology support in an end-to-end solution to combat cybercrime.”
Justin Harvey, global incident response lead at Accenture Security, said, “Insurers have a huge challenge in underwriting risks associated with the complicated and potentially devastating consequences of cyberattacks. We aim to ensure that AXA XL’s clients have access to rapid, industry-relevant cybersecurity support so they can get back to business quickly.”
Research from Accenture shows that businesses overall remain underinsured for cyberattacks, with total premiums today accounting for less than 1% of the estimated US$600 billion annual cost of cybercrime. Accenture estimates that it will cost organizations US$5.2 trillion globally over the next five years in additional costs and lost revenue to deal with the implications of cyberattacks.
The Cyber Incident Response Service is being rolled out in AXA XL’s International markets.
Learn more about AXA XL and Accenture’s Cyber Incident Response Service here.