US-based insurance brokerage Lockton has joined forces with Axio, a specialist in cyber risk quantification technology, to enhance its capabilities in understanding and managing cyber risk.
Through the integration of Axio’s cyber risk analytics, Lockton aims to enable clients to go beyond “surface-level” risk evaluations and gain more insights on the potential financial impact of a cyber breach.
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This initiative is expected to deliver data that businesses require for decision-making related to investments, controls and insurance coverage.
Axio’s analytical process involves a multi-layered approach that includes assessing the general business disruption, followed by industry-specific impacts, and concluding with insights into the client’s operational and technical landscape.
Furthermore, the tie-up expands to integration of application programming interfaces (APIs) between the Axio360 platform and Lockton’s Scout analytics platform.
The tech vendor said that this integration will provide Lockton’s cyber brokers with real-time analysis.
Lockton US cyber & technology leader Michelle Faylo said: “We are thrilled to partner with Axio to enhance our cyber risk management offerings. This partnership enables us to leverage Axio’s advanced tools and expertise, equipping our clients with the most innovative risk quantification solutions, so they can confidently navigate an increasingly complex cyber threat landscape.”
Axio CEO Scott Kannry stated: “Together, we are setting a new standard in cyber resilience and helping businesses make informed decisions to protect their assets. Our partnership with Lockton unites our expertise to ensure businesses receive the most comprehensive support when managing their cyber risks.”
This development follows Lockton’s formation of a new practice, Lockton Professional and Executive Risk.
The practice combines the US-based Lockton Financial Services and International ProFin teams.
