Toronto-based cyber insurer BOXX Insurance (“BOXX”) partnered with Equifax to launch US$1m Identity Theft Protection coverage amidst growing cyber safety concerns in what is set to be a record-breaking online holiday-shopping year.
Holiday season spend is set to grow between 8.5% -10.5% this year compared to last year, with e-commerce spend expected to break new records hitting over US$218bn.
Consumers continue to turn to online shopping with spending during the holiday season increasing 5% over the three-day Thanksgiving weekend period, compared to a year earlier.
With 87% of consumers planning to shop online during the holiday season (13% more compared to 2020), concerns around cybersecurity and protection online have also escalated – with 63% of consumers more alarmed than ever about their privacy online. With 83% of consumers wanting to do more to protect their privacy, worryingly 46% of consumers would have no idea what to do if their identity was stolen.
BOXX launches new $1m ID Theft Cover
The heightened concerns over online privacy, ID theft and protection have led BOXX to enhance its online protection support with $1m coverage for Identity Theft and Loss, supported by Equifax.
Said Vishal Kundi, Co-founder & CEO of BOXX: “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. 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. 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.”