NEW
YORK, May 6, 2024 /PRNewswire/ -- AXA XL
unveiled a new cyber insurance endorsement 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.
According to Michelle Chia, Chief
Underwriting Officer for Cyber in the Americas, "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."
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. Public companies are
required to report a breach in a Form 8-K within four days once
they have determined that an incident is material.
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.
According to Rachel Rossini,
Cyber Product Manager, "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."
AXA XL's cyber insurance team is dedicated to helping clients
understand and minimize their cyber risks through comprehensive
insurance coverage and risk management services. With a focus on
proactive risk assessment and responsive claims handling, AXA XL's
cyber insurance team aims to support clients in navigating the
complexities of the evolving cyber risk landscape. Their
collaborative approach and commitment to innovation make them a
trusted partner for businesses seeking robust cyber insurance
protection.
Follow AXA XL on LinkedIn.
ABOUT AXA
XL
AXA XL provides
insurance and risk management products and services for mid-sized
companies through to large multinationals, and reinsurance
solutions to insurance companies globally. We partner with those
who move the world forward. To learn more, visit
www.axaxl.com
ABOUT AXA XL
INSURANCE
AXA XL Insurance offers
property, casualty, professional, financial lines and specialty
insurance solutions to mid-sized companies through to large
multinationals globally. We partner with those who move the world
forward. To learn more,
visit www.axaxl.com
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SOURCE AXA XL