New platform to provide a holistic view of how insurance policies would respond to cyber events, identifies losses to bank’s earnings and balance sheet
Axio, a leading cyber risk management Software-as-a-Service company, announced a strategic partnership with NFP, a leading insurance broker and consultant that provides employee benefits, property and casualty, retirement, and individual solutions. NFP will deploy Axio’s new platform, Axio360 QuickQuant, to expand its cybersecurity capabilities within its P&C division with a focus on the specialized needs of community banks.
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This partnership will give insurance buyers for community banks access to a holistic view of cybersecurity risks, the ability to navigate the complexities of the risk, and identify insurance solutions that respond to cyber losses that could impact the bank’s earnings and balance sheet. Axio360 QuickQuant’s proactive approach identifies opportunities to address the gaps and allows banks to benchmark their insurance program limits against NFP’s client portfolio of more than 200 banks, producing a strategy for refinement.
“The Axio360 QuickQuant platform was built to fundamentally redefine how community banks solve cybersecurity problems by using real-life cyber events to enable business-centric decision making by putting the risk in financial terms,” said Scott Kannry, CEO for Axio. “Our operating system aligns all key constituents and delivers clarity in real-time. This partnership with NFP allows our software to deliver a simple and effective process to overcoming cyber challenges.”
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“Cyber risk remains a significant challenge and requires that we evaluate our client’s overall exposures from a first- and third-party perspective,” said Akhil Chopra, managing director and head of NFP’s cyber and network security practice. “Axio360 QuickQuant aids in this process by stress testing existing policies and analyzing peer group data to help us create tailor-made insurance solutions. Preparation is critical and we are excited to be working with Axio to enhance our ability to prepare our insureds for potential cyber events.”
“The cybersecurity needs of community banks remain highly underserved, primarily because many insurance brokers either don’t understand the inherent complexities or try to overstate their capabilities,” said Mark Flippen, managing director of NFP’s financial institutions group. “We have the expertise to address the fundamental queries buyers have, helping community bank leaders understand their cyber risks, decipher what it is they’re actually buying, and fix any gaps in their existing coverage. Our value is driven by specialized technical advice and exceptional ongoing service, and the Axio360 QuickQuant platform complements this value in ways that will benefit our community bank clients.”
This announcement follows a previous minority investment in Axio by NFP Ventures, the early-stage investment arm of NFP.
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