AXA Corporate Solutions launched its new cyber insurance and mitigation product in France this month, which is due to hit the UK and German market before the end of the year. The firm’s deputy chief executive Patrick De La Morinerie gave us the lowdown
What makes Cyber Sphere unique?
Cyber Sphere proposes a full combined coverage for first- and third-party costs, including an extension for fraud. Our partnership with Cassidian CyberSecurity means we are offering clients the opportunity to have their cyber risks fully analysed.
Cyber Sphere offers a risk mitigation service in addition to insurance cover, can you explain exactly how the service can help businesses manage their cyber risks?
The service brings together technical vulnerabilities and the cyber risk management. This allows clients to visualise the level of exposure and thereafter prioritise mitigation.
This is done in three steps – firstly, a governance audit is conducted, measuring the organisation’s cyber risk cultural maturity level, secondly, a risk assessment to measure the client’s risk exposure, and finally a technical assessment, to examine the health of the IT system. The results and recommendations at each step are then presented in a report in which recommendations are made.
The nature of cyber risks is constantly changing; with that in mind, can we expect changes to the product?
Cyber sphere is an evolving product in an evolving environment. Although in the US, the cyber insurance market is very mature, companies in Europe are increasingly identifying their cyber risks, and are deciding to protect themselves against cyber attacks.
The European cyber insurance market is still in an early development phase, but our goal is to develop the cyber sphere product in close partnership with our clients, and to adapt the product as new regulations and new coverage needs arise.