PRESS RELEASE
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…
