AXIS unveils new initiative to tackle cyber risks

Re/insurer AXIS Capital Holdings has launched a cyber centre of excellence to provide products and solutions for mitigating cyber threats associated with companies’ tangible and intangible assets.

The new unit will be led by AXIS' global head of cyber Dan Trueman while executive chairman Europe Matthew Fosh will serve as its chairman. In this role, Fosh will provide advisory support to AXIS’ global cyber team.

AXIS said every year companies incur more than $445 billion in cost due to the threat of cybercrime and cyberattacks. The cyber centre of excellence will offer a broad range of commercial insurance protection and mitigation solutions to help address these risks.

“The AXIS Cyber Center of Excellence is the specialty insurance industry’s premier global resource for mentorship, education, consulting services and solutions to help improve brokers’ and insureds’ understanding of the cyber risk environment so they can effectively manage the totality of their cyber risks,” said Trueman.

“Housing our global cyber products and solutions, the AXIS Cyber Center of Excellence will leverage the AXIS Cyber team’s underwriting expertise to help clients more effectively manage the dynamic environment of their cyber risks.”

Fosh commented: “Through the AXIS Cyber Center of Excellence, we are taking a holistic approach to helping our clients and partners solve their existing and emerging cyber risks. Mitigating any risk begins with education, and that is the basis from which we have built the AXIS Cyber Center of Excellence – a resource to brokers and insureds to improve their understanding of the cyber risk environment and arm them with solutions for mitigating those risks.”

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