Axis Insurance, the specialty insurance business segment of Bermudian-based Axis Capital Holdings Ltd and Elpha Secure, a cyber security company built for the insurance industry, have announced a strategic partnership.

Axis said the partnership will provide cyber insurance and software protection to small businesses to help improve their cyber security.

The company said Elpha Secure offers Elphaware, a software as a service application used to mitigate the risk of common cyber threats. Elphaware provides small and micro businesses with the cyber security tools and protections that are expected in today’s marketplace, Axis said.

Dan Trueman, global head of cyber and technology at Axis Insurance, said: “Today’s small businesses have a need for efficient, effective solutions to manage their cyber risks. Cyber risk mitigation requires sound insurance solutions balanced with resolute cyber security for the resiliency of small businesses and for long-term stability. The Elpha Secure team are innovators, having brought critical cyber risk mitigation solutions to small enterprises and micro-sized businesses.”

AXIS said Elphaware provides small business owners with a suite of cybersecurity tools that work alongside existing security measures in a single, simple installation. The software has five primary features: secure, encrypted back-ups of critical data; multi-factor authentication for remote access; ability to restore compromised systems in hours; creation of a virtual private network; and insider threat and anomaly detection.

The company said Elphaware provides its users with fundamental cyber protection from social engineering and malware attacks, such as ransomware, and enables small businesses to recover quickly in the event of an incident.

Preetam Dutta, chief executive officer at Elpha Secure, said: “The entire Elpha Secure team is excited to work with Axis. Together, we can help protect businesses from cyber criminals.”