AXA XL, the property & casualty and specialty risk division of AXA, has added Cyber Suite, a cyber and security insurance coverage as an option to its Lawyers’ Errors & Omissions (E&O) insurance program.
According to the announcement, this move aims to help lawyer firms minimise the high financial cost and reputational risks associated with potential cyber incidents.
The new coverage will be available under AXA XL’s Lawyers’ professional liability policy. Among them are Data Compromise Response Expense, Computer Attack, Misdirected Payment Fraud, Computer Fraud, and Data Compromise Liability.
Dwayne Johnson, Underwriting Manager for Lawyers’ Professional Liability business, commented: “A stolen laptop, a network hack or random computer virus can create enormous and costly consequences for a design firm’s practice and reputation. Lawyers rely on technology just as much as any other profession.
“One cyber incident can significantly compromise all that a law firm has worked hard to build. We’re pleased to be able to pair up our professional and cyber insurance expertise and deliver Cyber Suite coverage to help our clients address today’s new and emerging online and technology-driven business exposures.”
AXA XL’s E&O insurance protects professional individuals and companies from actual or alleged mistakes, errors, omissions, negligence, or failures that occur while providing advice and services to clients.
