Axio, a SaaS provider of cyber risk quantification solutions, and Dragos, a global leader in cybersecurity for operational technology (OT) environments, have announced a strategic partnership. This collaboration aims to address two critical challenges: quantifying the financial impact of OT cyber risks and enabling more accurate underwriting for cyber-physical insurance coverage.
Through this partnership, Axio’s Cyber Risk Quantification (CRQ) models will integrate Dragos threat intelligence and risk reduction metrics from the Dragos Platform. This integration is designed to assist Chief Information Security Officers and Risk Managers in translating complex OT threats into financial terms, facilitating board-level decision-making, and demonstrating measurable return on investment from security investments. Furthermore, it will support more precise insurance underwriting for potential operational disruption, business interruption, and cyber-physical damage, risks that have historically been challenging to assess due to their complexity and potential severity.
The collaboration emerges at a time of increasing concern regarding operational and industrial cybersecurity. From an enterprise perspective, leveraging Axio’s insights and Dragos’ capabilities is intended to help Chief Information Security Officers make informed decisions and enable Risk Managers to more effectively understand their organizations’ risk posture. For the cyber insurance industry, the combined insights from Axio and Dragos are expected to assist partner brokers and insurers in delivering advanced cyber insurance policies that cover losses from operational disruptions and cyber-physical damage, solving a long-standing challenge in underwriting these complex risks.
Scott Kannry, co-founder and CEO of Axio, stated, “It’s an honor to partner with the world’s leading industrial security company, especially at this moment in time. We’re seeing significantly increased demand for cyber physical insurance products, and this partnership will help our broker and insurer partners to deliver advanced cyber risk transfer solutions. We’re also excited to help Dragos more effectively evidence the risk reduction impact of its products, in an era with increased scrutiny on security spending.”
Mark Stacey, VP of Risk and Resilience Solutions at Dragos, added, “Helping industrial organizations quantify and qualify their risks is a strategic imperative of Dragos, and it became clear that partnering with Axio to help translate our intelligence into financial insights would immediately benefit our customers. We’re excited to help organizations make more confident, evidence-based decisions with respect to operational resilience. Just as importantly, this partnership empowers cyber insurers to better understand and address the OT underwriting challenge.”
Axio, founded in 2013, provides SaaS-based risk management software, enabling security leaders to optimize security programs and quantify risk for improved investment prioritization and decision-making. The company serves critical infrastructure, manufacturing, and financial services organizations with its Axio360 platform, designed to align security and business leaders, executives, and Boards of Directors on critical corporate risks.
Dragos specializes in OT cybersecurity technology for industrial and critical infrastructure. With nearly a decade of experience in handling attacks on OT networks, Dragos aims to safeguard industrial environments that operate at scale with unique systems and stringent availability requirements, often beyond the scope of traditional IT cybersecurity. Dragos protects customers across sectors including electric, oil & gas, manufacturing, water, transportation, mining, and government.
