AXA XL unveils coverage for SEC cyber incident reporting requirement costs

AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has introduced a new cyber insurance endorsement designed to help public organisations manage the costs associated with the U.S. Securities and Exchange Commission’s (SEC) updated cyber incident reporting requirements.

Michelle Chia, Chief Underwriting Officer for Cyber in the Americas, commented: “Just four days. That’s how long public companies have to meet proper disclosures requirements once they determine they suffered a material cyber breach. That’s not a lot of time. Having this dedicated coverage to quickly address SEC reporting requirements provides companies with added financial protection and support during a challenging time.”

It is important to highlight, that under the SEC’s Cybersecurity Risk Management, Strategy, Governance and Incident Disclosure rule, public companies are required to disclose cyber incidents that could have a material impact on their business, including the risks and potential consequences.

This includes, disclosing breaches, theft of sensitive information, and other cyber-related events.

In addition, public organisations are also required to report a breach in a Form 8-K within four days once they have determined that an incident is material.

It has been confirmed that AXA XL’s new endorsement provides dedicated coverage for the costs of investigating the breach including legal fees for compliance and disclosure requirements such as the filing of an 8-K.

Rachel Rossini, Cyber Product Manager, 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’re pleased to offer added protection at a sublimit appropriate with the exposure.”

In related news, AXA XL recently introduced its Active Assailant Ecosystem Preferred Partners Network to address the increasing threat of mass shootings in the United States and Canada.

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