Axa XL, insurance cloud provider offer cyber policy

Axa XL and insurance cloud provider Slice Labs Inc. introduced a cyber insurance policy designed for small- and medium-sized businesses Tuesday that will offer limits of up to $3 million.

Hamilton, Bermuda-based Axa XL, a division of Axa SA, and New York-based Slice Labs said in a statement the policy is designed for companies with under $20 million in annual revenues and offers limits of $250,000 to $3 million. 

The policy includes coverage for data protection and private risks, both for third-party claims and first-party mitigation costs, as well as protection for cyber extortion threats and other breach-related regulatory penalties, the European Union’s General Data Protection Regulation and merchant services agreements, according to the statement.

The statement said policyholders are provided an individualized dashboard with an overall cyber risk assessment and scores along with benchmark scores of their industry peers across each risk category.

A report issued last week said the takeup rate for cyber insurance is increasing dramatically, but there are significant discrepancies between large and small companies’ purchasing preferences.