DXC Technology has won a contract with German reinsurance firm Munich Re to deliver post-cyber-attack services to insurers across Asia Pacific.
The IT services company’s cyber security and insurance teams in Australia and New Zealand will create white label solutions for Munich Re and its clients on an ongoing basis, though the duration of the contract was not specified.
Through the partnership, Munich Re, which provides risk assurance for global insurers such as Zurich, Manulife, HSBC and Bank of China, will offer post-incident response services for cyber threats or incidents such as cyber extortion, identity theft, ransomware or hacking.
DXC will act as central incident coordinator for the company and its clients, managing the process from first notice of loss through to issue resolution.
After identifying the cause and the potential impact of a cyber threat, DXC will then connect the client to experts in Munich Re’s network for targeted support, such as cyber security, legal and public relations specialists.
According to Munich Re APAC head of cyber security Andreas Schmitt, the move will allow it to provide insurers with “considerably more than just payment for losses”.
DXC won the deal with Munich Re after working together with the reinsurance firm’s German office. The deal was then signed following two workshops carried out in Sydney examining the risks of cyber attacks.
As well as Australia and New Zealand, the contract will cover Asian markets such as Singapore, Hong Kong, China and India.
DXC said it expected to sell the white label products to other customers in the insurance space.
“Cyber insurance has the potential to generate significant improvements in cyber risk management across all organisations — especially given the many unknowns and uncertainties in this area,” DXC managing director for A/NZ Seelan Nayagam added.
“DXC’s collaboration with Munich Re strengthens our position in the insurance ecosystem and allows us to provide the expertise necessary to underwriters, claims managers and IT teams, to minimise the cost and impact of today’s sophisticated cyber threats.”