AXA XL has introduced a new cyber insurance endorsement for public companies that are required to comply with the US SEC’s new cyber incident reporting requirements.
The SEC’s updated cybersecurity risk management, strategy, governance and incident disclosure rule mandates that public companies disclose cyber incidents that could significantly affect their business operations.
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This encompasses the obligation to report material breaches, theft of sensitive data and other cyber events through a Form 8-K filing within four days of recognising the incident’s materiality.
AXA XL said its new endorsement covers the costs associated with investigating a breach, including legal fees necessary for compliance and disclosure of the incident.
AXA XL chief underwriting officer for cyber in the Americas Michelle Chia said: “Just four days. That is how long public companies have to meet proper disclosures requirements once they determine they suffered a material cyber breach.
“Having this dedicated coverage to quickly address SEC reporting requirements provides companies with added financial protection and support during a challenging time.”
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By GlobalDataAXA XL cyber product manager Rachel Rossini said: “This new endorsement allows our clients to quickly access coverage that is specifically earmarked to address these compliance requirements and giving them the flexibility to enlist their preferred securities counsel.
“Having evaluated average investigation and disclosure, we are pleased to offer added protection at a sublimit appropriate with the exposure.”
Last week, the company appointed Matthew V. O’Malley as chief client & distribution officer for the Americas.
This appointment followed AXA XL’s launch of the Active Assailant Ecosystem Preferred Partners Network, an initiative aimed at enhancing risk management strategies and responses to active assailant threats, demonstrating the company’s proactive approach to evolving security challenges.
