(Image source: AXA XL Slice insurance page.)
AXA XL, the New York-based property/casualty and specialty risk division of global insurer AXA (Paris), Slice Labs Inc. (New York), a pioneer of on-demand insurance cloud technology, and Microsoft (Redmond, Wash.) have announced that they will collaborate to help improve cyber health and mitigate risks for Microsoft 365 Business, Office 365 Business Premium and Office 365 Business customers. The new partnership will give qualifying customers discounted access to Slice on-demand, cloud-based cyber insurance provided by AXA XL.
Microsoft customers will benefit from a holistic end-to-end solution that won’t just help them secure their environment but will give them the critical services and support they need for incident response and remediation in the event of a successful cyber-attack, according to the announcement of the three firms’ partnership. The services are all offered as part of AXA XL’s cyber insurance policy, which will be offered at discounted pricing to qualified customers who represent a lower insurance risk based on a security posture assessment that will be provided by Microsoft Secure Score.
The companies’ relationship addresses small businesses’ continued vulnerability to cyber security attacks. A recent Forrester (Cambridge, Mass.) survey found that nearly half of small and mid-size businesses (SMBs) have had a breach within the last year.
“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,” comments John Coletti, Chief Underwriting Officer of AXA XL’s cyber insurance team in North America. “We’re excited to bring a solution to market that only large enterprises have procured in the past to SMB’s who need it just as badly.”
Validation of On-Demand Model for Protection of Digital Ecosystems
“Today’s announcement is 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,” comments Tim Attia, CEO and Co-founder, Slice. “Thanks to the cloud, insurance has changed and is now a must-have asset in order for businesses in any market to ensure they profitability achieve their goals.”
“Slice Labs and AXA XL share our vision to improve cyber health so that businesses can confidently achieve their goals without the fears of being paralyzed by cyber criminals,” comments Tara Knapp, Senior Business Development & Strategy Manager of Microsoft Security & Compliance. “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.”