Cyber-insurance is well suited to such a partnership model since cyber risks are poorly understood and are evolving at high speed. Consider the fact that ransomware was not on anyone’s radar six years ago, for instance. This model benefits the insurer as much as the insured by reducing claims events and providing rich data for risk assessment and underwriting. AXA XL is establishing the cyber-insurance business as a global platform, with a view to reaching small and medium businesses around the world. James said that smaller businesses are an attractive market for this proposition because they are increasingly becoming targets for cyber- attacks. They need expert advice to manage cyber risk because they don’t have the inhouse capability. AN INNOVATION AGENDA FOR THE COVID-19 ERA 21