(Image source: Coronet homepage.)
Coronet (Tel Aviv/New York), a provider of security as-a-service powered by AI and cloud, has announced a partnership with Slice Labs Inc.(New York), an on-demand insurance cloud platform provider supporting digital ecosystems, to provide the small to medium sized business (SMB) market with on-demand, cyber insurance provided by AXA XL (New York), a division of AXA (Paris), according to a joint Coronet/Slice statement. Slice’s cyber insurance is currently available in all states, except New York, Pennsylvania, Oregon, Kentucky, North Dakota, Alaska, Vermont and Wyoming.
Slice will offer on-demand cyber insurance underwritten by an AXA XL subsidiary, Indian Harbor Insurance Company (Stamford, Conn.), to Coronet’s SMB customers. Slice may provide Coronet customers with a discount on the on-demand cyber insurance since Coronet users are already employing advanced measures to manage cyber risk, the Coronet/Slice statement says
Last October Slice and AXA XL launched a new cyber insurance policy specifically designed for SMBs.
“Slice Labs, AXA XL and Coronet are natural partners with unique expertise safeguarding customers from the risks involved with using cloud technology,” comments Guy Moskowitz, co-founder and CEO, Coronet. “Each company has taken a progressive approach to using AI and cloud technology to protect SMBs. Businesses that leverage Coronet with AXA XL cyber insurance and Slice’s on-demand platform will be able to better detect, mitigate, and eliminate risk without the need for SMBs to have an internal security team.”
Collective Commitment to Holistic Protection for SMBs
“This partnership clearly demonstrates a collective commitment to provide truly holistic protection for SMBs,” comments John Coletti, chief underwriting officer of AXA XL’s North America Cyber & Technology insurance business. “Slice Labs and Coronet bring industry-leading cloud and AI technologies that should immediately boost the confidence of SMBs that have been challenged with building a solid front against cybercrime.”
Coronet and Slice cite data from the National Cyber Security Alliance affirming that 60 percent of impacted businesses went out of business within six months. The high figure reflects the finding that half of all cyber attacks target small businesses. Both Slice cyber insurance, offered by AXA XL, and Coronet provide subscription-based models that the companies say enables SMBs to be quickly protected in and around cloud technology environments within minutes of a short online sign-up process.
“Data has shown that the majority of SMBs are not aware of their cyber risk, and would prefer to buy their insurance online,” comments Jocelyn Getson, Head of SMB Partnerships Slice Labs. Our three companies are committed to addressing this by bringing awareness and education to the SMB market and delivering flexible solutions that best protect businesses.”