May 6, 2024 at 05:10PM
AXA XL introduces a new cyber insurance endorsement tailored for public companies to address costs associated with meeting updated SEC reporting compliance obligations after a cyber incident. The endorsement covers expenses for investigating breaches, legal fees, and filing Form 8-K within four days of determining a material cyber breach. This dedicated coverage aims to provide financial support during a challenging time for companies.
The meeting notes highlight the unveiling of a new cyber insurance endorsement by AXA XL, aimed at providing public companies with dedicated coverage to address the costs associated with updated U.S. Securities and Exchange Commission (SEC) reporting compliance obligations following a cyber incident. The new endorsement provides dedicated coverage for investigating the breach, including legal fees for compliance and disclosure requirements such as the filing of an 8-K. The endorsement also allows clients to quickly access coverage specifically earmarked to address these compliance requirements and gives them the flexibility to enlist their preferred securities counsel. The AXA XL cyber insurance team is dedicated to helping clients understand and minimize their cyber risks through comprehensive insurance coverage and risk management services. They aim to support clients in navigating the complexities of the evolving cyber risk landscape through proactive risk assessment and responsive claims handling, making them a trusted partner for businesses seeking robust cyber insurance protection.