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Simple Cyber Coverage from Axon

CyberAdvantage offers comprehensive and flexible cyber liability coverage to U.S. businesses of any size.
Sponsored by

PRODUCTS: Axon CyberAdvantage

COMPANIES: Axon; Lloyd's of London

BEST RATING: A

AVAILABILITY: Available on an open brokerage basis.

FOCUS: A staff member leaves their work laptop containing personal data on a train, resulting in notification requirements under state or federal data protection laws. An employee of a firm makes a bank transfer of $25,000 to fraudsters after falling victim to a phishing email supposedly from a senior manager. An employee misconfigures a software update over a weekend leaving systems unavailable and causing business interruption. Any one of these incidents could happen to any business.

Over two-thirds of Axon Underwriting's cyber claims were caused directly by employee error, negligence, or social engineering. A cyberattack against every business is no longer a case of if, but when.

“CyberAdvantage is a cyber liability product developed for small and medium companies. The policy is designed to be comprehensive, flexible and easy to read," says Randy Hampton, executive vice president and partner, Axon Underwriting.

“This is a great addition to our environmental, casualty, cargo and product recall offerings," he adds. “Our goal is to offer our broad cyber experience with an easy to read broad policy form."

COVERAGE DETAILS: Axon Underwriting's CyberAdvantage offers comprehensive but flexible cyber coverage to U.S. businesses of any size. From one-person operations to multinational corporations.

Coverage includes:

  • Data breaches. Where personal or commercial information—electronic or otherwise—is accessed without authorization.
  • Security failure. When a hacker exploits a weakness in security systems, leaving a business exposed.
  • Cyberattacks. Any digital attack against a business.
  • Extortion. Criminals holding systems or data to ransom or threatening to publish information.
  • Human error. Mistakes made by staff or suppliers that result in a breach or outage.
  • Business interruption. Covering the loss of income that an insured may suffer from a cyberattack.
  • Defense. Covers liabilities and the cost of defending regulatory investigations after any alleged breach of state or federal data protection legislation.
  • Reputational damage. PR and crisis management support, as wells as coverage for lost potential income.
  • Financial crime and fraud. The use of the internet to deceive employees, customers or suppliers into transferring money or goods.

UNDERWRITING: Proposals can be provided within 24 hours upon completion of the CyberAdvantage application, which must include a description of prior cyber incidents or claims, and the provision of 5 years of cyber loss runs.

MINIMUM PREMIUM: $1,000

TARGET: Companies with between $1 million and $100 million in revenue. Coverage is available for larger entities.

Target industries include accounting, tax preparation, book-keeping services; advertising or public relations services; architectural and engineering; commercial banking, savings institutions and credit unions; construction companies and specialty trade contractors; manufacturing; physician or dental offices, residential care facilities; real estate; and recruitment agencies.

COVERAGE AVAILABILITY: All 50 states

COVERAGE TERRITORY: Worldwide

CONTACT: Randy Hampton, executive vice president and partner, Axon Underwriting; 678-210-3380; rhampton@axonu.com; axonu.com.

Will Jones is IA managing editor.

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Monday, August 17, 2020
Cyber Liability