AXA XL and RedSeal are offering a new, dynamic approach to cyber insurance, which uses RedSeal’s objective Digital Resilience Score to provide valuable information to both underwriters and clients. Underwriters get a clearer understanding of a network’s risk over time – and clients get information to continually improve their cybersecurity and potentially improve their insurance terms.
Unlike other cyber insurance risk analyses, which rely on surveys, the external threat environment, and a limited understanding of a network at the time of the initial underwriting, this approach is more accurate, dynamic and helpful.
RedSeal’s network modeling and risk scoring platform creates a network model from the inside out, including physical assets, as well as those in public and private cloud environments. With this insight, RedSeal calculates the Digital Resilience Score, a holistic measure of the network’s resilience, similar to a credit worthiness score. The Score evaluates the client’s network to determine:
- How weaknesses from incorrectly configured devices and third-party software could impact the network
- How accessible a company’s valuable assets are to attackers
- The degree to which the network – including all its devices and their connections – is understood.
More resilient networks deliver higher scores, which means they are lower risk. Once an AXA XL client installs RedSeal and gets their initial Digital Resilience Score, and again during a mid-term evaluation, AXA XL will determine if the client’s resilience warrants improved terms.
This creates a cycle of continuous improvement. Underwriters have more in-depth information to evaluate risk, and clients can use the same information to improve their resilience and lower their risk – which may result in improved insurance terms.
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About AXA XL
AXA XL provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com.
