BOXX Insurance sheds light on psychological toll of digital risks

BOXX Insurance has shed light on the impact of digital risks on people’s well-being for World Mental Health Day.

The Toronto-based insurtech outlined the psychological effect of cybercrime amid the rising ubiquity of online connectivity in a new article on its website.

Citing the World Economic Forum, BOXX noted that 95% of cybersecurity incidents occur due to human error. It also pointed to a European study that revealed one in seven employees required psychological help after a ransomware attack. 

According to BOXX, individuals may experience helplessness and powerlessness in the aftermath of such events. They may also feel guilt and shame compounded by the loss of finances, loss of privacy, and sometimes even loss of employment and relationships.  

The psychological fallout from cybercrime includes depression, anxiety, panic attacks, and post-traumatic stress disorder (PTSD). 

Considering this information, BOXX outlined the following steps to help people protect their mental health and digital wellness: 

• Seek professional help immediately: Do not hesitate to report a mistake at work or seek help to recover personal data. Cybersecurity professionals can assist with blackmail threats, violence, or personal information exposure. Those experiencing emotional distress may also contact crisis hotlines or mental health professionals.
   
• Report cyberbullying: Victims of cyberbullying should refrain from responding to harmful messages, document evidence, block the perpetrator, and report the incidents to online providers, law enforcement, and employers if it occurs in a workplace.
   
• Strengthen online security: Use strong passwords, enable multi-factor authentication, and regularly update software to protect against cyber attacks.
   
• Stay informed: Staying up-to-date with cybersecurity training is crucial in the workplace. Education on common digital risks is essential to safeguard home networks from cyber threats. 
   
• Practice self-care: Take regular breaks from screens and technology to reduce digital stress and fatigue. 

“Comprehensive cyber insurance can [also] provide additional peace of mind by covering costs associated with a cyberattack, including cybersecurity consultation and cyber trauma costs,” the article stated.

“BOXX Cyber Insurance offers comprehensive protection for individuals and businesses, including an expert team of IT professionals on hand to quickly resolve cyber incidents and provide support.” 

Earlier this year, BOXX announced that it raised US$14.4 million through a Series B funding round led by Zurich Insurance Group. The move was part of its plan to build a presence in both the SME and retail cyber markets. 

What are your thoughts on this story? Feel free to comment below.