AXA XL has launched a new option to help businesses in the US counter disruption caused due to cyber-attacks.

The company has added first party cyber insurance option to its Platinum Property coverage.

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The option, however, is available to businesses that purchase 100% of their property coverage from Axa XL.

The new option will provide coverage for losses arising from business interruption and extra expense due to a cyber-breach, data recovery, cyber extortion and ransomware, data breach response and crisis management, the company said in a press statement.

Coverage will also legal costs, computer forensics costs, notification costs, credit and identity monitoring, among others.

AXA XL president for North America property insurance business Michele Sansone said: “Demand for cyber insurance is growing with good reason. Virtually every organisation has some cyber exposure.

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“Our clients will now have the confidence to know that their business interruption exposures are adequately managed with coverage for cyber and property on one policy form providing a comprehensive solution for first party loss and a streamlined claims process.”

AXA XL chief underwriting officer for cyber & technology in North America John Coletti said: “Traditional business interruption is caused by physical damage from a named peril like windstorm, fire or flood.

“Ingress/egress coverage and civil authority is addressed in standard commercial property coverage.  With no physical damage per se, business interruption from a cyber event can be caught in a gray area.  This coverage offers clarity.”