Axis partners with technology firm to use security ratings to manage cyber-risk

Axis partners with technology firm to use security ratings to manage cyber-risk

Axis partners with technology firm to use security ratings to manage cyber-risk Axis Capital recently announced its partnership with BitSight, a leading provider of cyber security ratings, to reduce computer related risks with the provision of the latter’s security ratings service, specifically through its professional lines division, Axis Pro.

BitSight’s security ratings will be provided to a specific group of Axis Insurance policy holders beginning November 1, under the said partnership. This group will be comprised of Axis Pro primary policy holders in the US, who can avail of the security ratings at no additional premium.

“BitSight already provides our underwriters with the ability to remotely view how our insureds are specifically affected by malware and ransomware, as well as the ability to examine individual infections and other vulnerabilities. Simply put, BitSight improves the speed at which we are able to examine risk,” Meghan Hannes, Axis Insurance cyber product manager stated. “With the rollout of this policyholder benefit, we are supporting our clients in their efforts to dynamically manage their own cybersecurity risks and the risks across their entire ecosystem.”

BitSight’s security ratings platform analyzes volumes of external data related to security issues and behaviors to help businesses manage third party risk, underwrite cyber insurance policies, measure performance, and conduct due diligence for mergers and acquisitions, as well as assess risk.