Coronet, a world leader in security as-a-service powered by AI and cloud, announced a partnership with Slice Labs, the first on-demand insurance cloud platform provider supporting digital ecosystems, to provide the small to medium sized business market with on-demand cybersecurity insurance provided by AXA XL, a division of AXA.
Through the partnership, Slice will offer on-demand cyber insurance underwritten by an AXA XL insurance company, Indian Harbor Insurance Company, to Coronet’s small business customers. Additionally, Slice may provide Coronet customers with a discount for on-demand cyber insurance since Coronet users are already deploying advanced measures to manage cyber risk.
Slice and AXA XL launched a new cyber insurance policy specifically designed for small businesses, through a partnership announced last year.
“Slice Labs, AXA XL and Coronet are natural partners with unique expertise safeguarding customers from the risks involved with using cloud technology,” said Guy Moskowitz, co-founder and CEO of Coronet.
“Each company has taken a progressive approach to using AI and cloud technology to protect SMBs. Moving forward, businesses that leverage Coronet with AXA XL cyber insurance and Slice’s on-demand platform will be able to better detect, mitigate, and eliminate risk without the need for small businesses to have an internal security team.”
“This partnership clearly demonstrates a collective commitment to provide truly holistic protection for SMBs,” said John Coletti, chief underwriting officer of AXA XL’s North America Cyber & Technology insurance business.
“Slice Labs and Coronet bring together industry-leading cloud and AI technologies that should immediately boost the confidence of SMBs that have been challenged with building a solid front against cybercrime.”
Data from the National Cyber Security Alliance states that 60% of small businesses impacted by cyberattack went out of business within six months. Furthermore, half of all cyberattacks target small businesses.
Both Slice cyber insurance, offered by AXA XL, and Coronet, provide subscription-based models that enable small business to be quickly protected in and around cloud technology environments within minutes of a short online sign-up process.
Slice Labs, Head of SMB Partnerships, Jocelyn Getson added, “Data has shown that the majority of SMBs are not aware of their cyber risk and would prefer to buy their insurance online. Our three companies are committed to addressing this by bringing awareness and education to the SMB market and delivering flexible solutions that best protect businesses.”