BOXX Insurance, a new managing general agent (MGA) based in Toronto, has launched its flagship product Cyberboxx™ to help customers comply with the new data privacy legislation expected to become law in November.
Federal mandatory data breach regulations will take effect on Nov. 1. Under the regulations, if there is a breach – defined as a loss of personal information – there needs to be a determination of whether that loss creates a “real risk of significant harm.” Failing to notify the Canadian privacy commissioner and every affected individual could result in a penalty of up to $100,000 per person who should have been notified and wasn’t.
To help small-to-medium sized enterprises (SMEs) comply with the new legislation, BOXX Insurance has launched Cyberboxx™, the MGA said in a press release Tuesday. Available exclusively through brokers, clients will be able to request their cyber insurance quote and personalized “BOXX Score” to learn how they stack up against their industry peers. “All they need to do is answer a few simple questions,” BOXX Insurance said.
Unlike Fortune 500 companies that have specialist resources to counter this threat and meet regulatory requirements, the MGA noted, many smaller businesses rely on “woefully inadequate security practices and protocols. Cyberboxx™ plugs the gap in technology and IT security resources for SMEs while simultaneously providing comprehensive cyber insurance coverage to help them respond and recover from a breach.”
BOXX’s team includes technology entrepreneurs, academics and cyber insurance innovators. Alister Campbell, chair of the BOXX Insurance advisory board, said he is convinced that Cyberboxx™ will “redefine the way cyber risk is assessed, priced and purchased in the Canadian market.”
BOXX Insurance Inc. is privately-held with headquarters in Toronto. Founded in 2018, BOXX Insurance investors include private equity investors and founding team members.
Original Article Published by Canadian Underwriter