Coronet, a security as-a-service powered by artificial intelligence ("AI") and cloud, is partnering with Slice Labs Inc., an on-demand insurance cloud platform provider supporting digital ecosystems, to provide the small to medium sized business ("SMB") market with on-demand, cyber insurance provided by AXA XL.

In a statement, the companies explained that Slice would offer on-demand cyber insurance underwritten by an AXA XL insurance company, Indian Harbor Insurance Company, to Coronet's SMB customers. Additionally, Slice may provide Coronet customers with a discount on the on-demand cyber insurance since Coronet users already are employing advanced measures to manage cyber risk.

AXA XL and Slice launched a new cyber insurance policy specifically designed for SMBs 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 chief executive officer of Coronet. "Each company has taken a progressive approach to using AI and cloud technology to protect SMBs. 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 SMBs 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 and technology insurance business. "Slice Labs and Coronet bring 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."

The National Cyber Security Alliance found that 60 percent of impacted businesses went out of business within six months. Furthermore, half of all cyber attacks targeted small businesses. Slice cyber insurance, offered by AXA XL, and Coronet provide subscription-based models for SMBs.

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."

Victoria Spears

Victoria Spears

Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].

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