Axa XL offering cyber compliance endorsement
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Axa XL, a unit of France’s Axa SA, Monday introduced a cyber insurance endorsement providing public companies with dedicated coverage to address the costs associated with updated U.S. Securities and Exchange Commission reporting compliance obligations following a cyber incident.
The SEC’s Cybersecurity Risk Management, Strategy, Governance and Incident Disclosure rule requires public companies to report a cyber 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.
Axa XL has assessed the costs associated with the reporting requirements to be from $25,000 to $50,000 and is offering sublimits within that range, according to an email from a spokeswoman.
