AXA Selects SecurityScorecard to Reduce Risk in Cyber Insurance
New York, NY and Paris, Fr. June 6th, 2018 -SecurityScorecard, the leader in security ratings, today announced that it has been selected by AXA, the world’s largest insurance company, to provide security ratings as part of the underwriting process for AXA’s rapidly growing cybersecurity business. The SecurityScorecard platform will provide AXA’s underwriters with an overall risk rating and detailed view into the cyberhealth of their insureds. AXA will use the ratings to determine insurability, as well as evaluate premiums for new policies and renewals.
“Cybersecurity threats present a serious risk to businesses of all types and sizes,” said Scott Sayce, Global Chief Underwriting Officer of Cyber at AXA. “Cyber Insurance is a rapidly growing business for AXA because it helps reduce the financial losses that businesses incur should they become a victim of a cyber-attack. Forward looking businesses seek cyber insurance products because they understand modern day risks or need to carry a policy in order to conduct business with their customers. The SecurityScorecard platform will help us rapidly evaluate companies to understand their cyberhealth and provide our underwriters with crucial information needed to evaluate an insured's risk.”
“AXA has the ambition to develop Cyber Risk Consulting services for Commercial Lines clients,” said Corinne Vitrac, AXA Risk Consulting CEO. “This partnership with SecurityScorecard is an important step in the development of our cyber services platform.”
SecurityScorecard continually monitors over 200,000 businesses across the world and rates them on an easy to understand A-F scale. Companies that rate as a D or F are 5.4 times more likely to be breached than companies that rate as an A or a B. The platform also provides ratings across 10 risk factors, which gives deeper insights into the company’s security. SecurityScorecard’s cyber insurance offering utilizes the platform’s automation and security analytics capabilities to rapidly deliver ratings to underwriters for any company and analyze risk, a unique differentiator in the marketplace.
“AXA and SecurityScorecard are pioneering the cyber insurance industry,” said Aleksandr Yampolskiy, CEO and co-founder at SecurityScorecard. “It is a privilege to work with such a visionary brand. This partnership demonstrates the value of the SecurityScorecard platform and the trust top business leaders have in our score. Our vision is to create a ubiquitous language for cybersecurity that facilitates collaboration and communication between business partners.”
AXA Venture Partners, the venture capital fund backed by AXA, participated in October 2017 to the $27.5 million Series C funding round and has been instrumental in the implementation of this global agreement with AXA.
Headquartered in the heart of New York City, SecurityScorecard's vision is to create a new language for measuring and communicating security risk. The company was founded in late 2013 by Dr. Aleksandr Yampolskiy and Sam Kassoumeh, two former cybersecurity practitioners who had served, respectively, as Chief Information Security Officer and Head of Security and Compliance. With cloud solutions becoming an increasingly integral part of the security technology stack Yampolskiy and Kassoumeh recognized the need to address third- and fourth-party risk as well as better understand the security capabilities of their business partners. Since its founding, the company has grown dramatically and now counts hundreds of leading brands as customers. SecurityScorecard is backed by leading venture capital investors including Sequoia Capital, GV, NGP Capital, Evolution Equity Partners, Boldstart Ventures, AXA Venture Partners among others. For more information, visit securityscorecard.com.
The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 105 million clients in 64 countries. In 2017, IFRS revenues amounted to Euro 98.5 billion and underlying earnings to Euro 6.0 billion. AXA had Euro 1,439 billion in assets under management as of December 31, 2017. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment. This press release and the regulated information made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers’ General Regulation are available on the AXA Group website (axa.com).