AXIS Insurance, the specialty insurance arm of AXIS Capital, has struck a strategic partnership with cyber security company Elpha Secure that caters to the insurance industry.
The partnership aims to offer cyber insurance and software protection to help improve the cyber security capabilities of small businesses.
Elpha’s Elphaware, a software as a service (SaaS) application, is designed to mitigate the risk of common cyber threats.
It offers small and micro businesses with cyber security tools that enable the encrypted backups of critical data and creation of Virtual Private Network (VPN).
Additionally, it features multi-factor authentication for remote access, insider threat and anomaly detection while offering the ability to restore compromised systems in hours.
AXIS Insurance global head of Cyber and Technology Dan Trueman said: “Today’s small businesses have a need for efficient, effective solutions to manage their cyber risks.
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“Cyber risk mitigation requires sound insurance solutions balanced with resolute cyber security for the resiliency of small businesses and for long-term stability. The Elpha Secure team are innovators, having brought critical cyber risk mitigation solutions to small enterprises and micro-sized businesses.”
Elpha Secure CEO Preetam Dutta added: “The entire Elpha Secure team is excited to work with AXIS. Together, we can help protect businesses from cyber criminals. We know cyber security is hard. Elpha Secure makes it easy.”
Meanwhile, last October, AXIS Insurance partnered with UK-based law firm Kennedys Law to launch a new marine cyber insurance product that offers coverage for the marine shipping market against cyber exposures.
In August last year, the insurer teamed up with AllDigital Specialty to develop and launch a new insurance platform.