Cyber-focused managing general agent BOXX Insurance has joined forces with credit reporting agency Equifax to launch a $1 million identity theft coverage amid heightened concerns over cyber safety during the holiday season.
Data gathered by the Toronto-based cyber insurer revealed that of the 87% of consumers who were planning to do their holiday shopping online, about a third, or 63%, were worried about data privacy. Of these, 83% said they wanted to do more to protect their privacy, but 46% admitted they did not know what to do if their identity was stolen.
“Consumers are increasingly looking for simple and affordable solutions to protect themselves and their families online – to prevent potential attacks, get assistance should an incident occur, and help recovering after an attack has happened,” said Vishal Kundi, co-founder and chief executive officer of BOXX Insurance.
“We are seeing significant appetite for the type of assistance and insurance services we provide for both individuals and their families, as well as for small and medium sized business who need support to improve their protection against attacks online,” he added. “By helping our customers through the complete journey, we are able to provide the right level of support at the right time, based on our customers’ unique needs.”
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The partnership with Equifax is among BOXX Insurance’s latest moves in a bid to establish its presence globally. The firm recently teamed up with cyber incident response firm Asceris to boost its breach response services and formed a “global collaboration” with insurance giant Zurich, with the goal of expanding its operations in Europe and the US.
