AXA XL has updated its Lawyers’ Errors & Omissions (E&O) insurance programme by adding a cyber and security insurance coverage option to it.
The new Cyber Suite is aimed at minimising the high financial costs and reputational risks associated with cyber incidents.
The offering is available under AXA XL’s Lawyers’ professional liability policy.
Specifically, coverages offered by Cyber Suite include coverage for resources to respond to a breach of personal information and a computer attack.
The cyber insurance option also provides cover against extortion threats and reimbursement for the amount in an event of a wrongful transfer and computer fraud.
Furthermore, the insurance solution will bear defence and settlement expenses in an event of a suit following the breach of personal information.
AXA XL underwriting manager for lawyers’ professional liability business Dwayne Johnson said: “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 are 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.”