Unfortunately, the lightning attack does a tremendous amount of shield damage - I believe 800+? Best thing you can do is simply boost past it within 800m so that its effects are either stunted or negated. I don't fly shielded against interceptors, and the lightning attack does little to no damage to hull.
Cyclops lighting is 800 shield damage. Looking at AXI wiki for other numbers, Basilisk is 1,700, Medusa 2,800, Hydra 4,400, each one also keeping you in the lightning for longer.
In short, try to avoid it at all costs if you use a shield. Biweaves will basically always get taken out by any non-Cyclops variant. I’d personally only take one if you’re still starting out in AX or want to have a go at one of the big ships where it’s harder to avoid the cannon.
The other issue with shields is Thargons. Medusa and Hydra swarms chew through them pretty quickly, whereas they are only a threat to shieldless builds in missile formation.