Through this collaboration, Re will provide clients with holistic risk management solutions that extend beyond pure risk transfer to encompass post-incident response services for cyber threats or incidents such as cyber extortion, identity theft, ransomware or hacking.
DXC will act as the ‘central incident co-ordinator’, managing the process from first notice of loss through to resolution of the issue by delivering a rapid response and actions that meet the needs of a wide range of clients, particularly small and medium enterprises, as well as individuals and large corporations. After identifying the cause and the potential impact of a cyber threat, DXC will then connect the client to experts in Re’s exclusive network for targeted support, such as cybersecurity, legal and public relations specialists.
“Cyber insurance has the potential to generate significant improvements in cyber risk management across all organisations — especially given the many unknowns and uncertainties in this area,” said Seelan Nayagam, managing director, DXC Technology, Australia & New Zealand. “DXC’s collaboration with Re strengthens our position in the insurance ecosystem and allows us to provide the expertise necessary to underwriters, claims managers and IT teams, to minimise the cost and impact of today’s sophisticated cyber threats.”
New research released by DXC Technology and Telsyte found that companies in Australia and New Zealand are losing an average of AU$60 million every year in cybersecurity breaches and attacks, with the inability to manage cybersecurity risks leaving them susceptible to significant financial and reputation damage1.
“Cyber risk is constantly changing due to rapid developments in technology, increasing global interconnectivity and the ever-changing threat landscape,” said Andreas Schmitt, head of Cyber Asia Pacific, Re. “Demand for prevention and insurance is growing: In 2017 the size of the market for cyber insurance stood at US$3.5 billion to US$4 billion, and this is expected to grow to US$8 billion to US$9 billion by 2020. In addition to insurance protection, companies are seeking prevention through technical measures as well as rapid response and damage limitation in the event of a loss.”
“Against this backdrop, Re is offering its reinsurance clients solutions that include considerably more than just payment for losses. Our collaboration with DXC Technology is an example of how we are meeting the evolving needs of our clients in Asia Pacific,” said Schmitt.
1Security in the Age of Digital Disruption — Telsyte research commissioned by DXC Technology, 2018:
https://www.dxc.technology/au/flxwd/145367-security_in_the_age_of_digital_disruption
About DXC Technology
DXC Technology is the world’s leading independent, end-to-end IT services company, serving nearly 6,000 private and public-sector clients from a diverse array of industries across 70 countries. The company’s technology independence, global talent and extensive partner network deliver transformative digital offerings and solutions that help clients harness the power of innovation to thrive on change. DXC Technology is recognised among the best corporate citizens globally. For more information, visit dxc.technology.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the 2017 Atlantic hurricane season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.