Insurtech BOXX Insurance has released the newest iteration of its flagship product, Cyberboxx Business 5.0, including enhancements like a broadened “insured” definition and additional provision for breach response.
The updated version of the all-in-one cyber insurance and protection product includes breach response costs on top of the policy limit; waiver of retention to reward businesses that report incidents promptly; and widened definition to bring associated entities under the scope of who is covered.
BOXX also removed complex security conditions from the wording for Cyberboxx Business 5.0, expanding coverage for all firms. Additionally, thanks to the widespread event coverage offered with the policy, companies that depend on big cloud-based platforms now have more certainty.
Vishal Kundi (pictured), co-founder and chief executive of BOXX, said: “Traditionally, a business’s resilience used to largely depend on their own operational readiness. But in a connected and cloud-based world, businesses are increasingly exposed to third parties that can put them at risk.
“The all-new Cyberboxx Business 5.0 responds to this reality and secures a company’s ability to do business; it makes them more resilient by resolving threats in real-time and gives them the tools to respond to a broader range of cyber events.”
The revised policy wording makes cyber insurance more accessible to many vulnerable businesses. The simpler and complete base form also aims to help insurance brokers ensure their clients are covered.
“As Canada’s original all-in-one cyber insurtech, our purpose is to help make digital protection easier so brokers are better informed and clients are always protected and empowered in an ever-changing cyber climate,” said Phil Baker, president of BOXX Canada and chief underwriting officer.
Interested brokers can request to meet with a BOXX representative to learn more about Cyberboxx Business 5.0.
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