A standalone cyber insurance policy isn’t enough
Real-world scenarios demonstrate cyber risks can impact every single element of the business, especially if a company is relying on physical assets and infrastructure for generating revenue. Armed with a comprehensive insurance portfolio for property and casualty, an organization may feel protected from a cyber event. Unfortunately, this assumption has proven to be a false sense of security. During recent global cyber-attacks, many affected organizations ended up incurring losses not covered by their insurance portfolio. Axio360 lets you test the strength of your entire insurance portfolio against cyber risks and make the necessary improvements.
To ensure cyber protection, insurance policies need to be understood scientifically
There are 3 positions an insurer can take regarding covering cyber risk:
Other Insurance makes professional liability policy primary
It’s not covered (exclusions/clauses)
There’s no clear position (silence)
An analysis is required to understand how a specific policy will respond to cyber as a peril. Axio360 is able to identify the strength of your entire insurance portfolio. In a single pane of glass, you can see where you have coverage gaps and report exposure to executive stakeholders for the most appropriate risk-based decision.
Ensure you are properly insured against cyber risk
A typical business may have over a dozen insurance policies in its portfolio. How can one be certain about their cyber strength? Below is the simple 3 step process we use in the Axio360 Insurance Stress Testing module.
Quantify the cyber risk scenarios pertinent to your business in dollar terms
You get a financial view of your expected exposure per scenario from the worst case to best case impact
Aggregate all your insurance policies in one place and scan with machine learning
You can rapidly identify problematic language indicating lack of coverage
Align Partner with our analysts to assess recovery potential based on your insurance policies, contracts, and compliance with cybersecurity standards
A powerful tool for brokers and risk analysts
Insurance brokers and risk analysts need more tools to better understand the nature of cyber risks.
Upload policies into our platform
Search for exclusions and clauses such as “acts of war”
Identify gaps in insurance policy coverage as they pertain to limits