BOXX Insurance launches enhanced and updated Cyberboxx Business 5.0

BOXX Insurance, Canada’s leading cyber insurtech, announced the latest release of CyberboxxTM Business 5.0, their flagship ALL IN ONE Cyber Insurance & Protection product. Providing the most effective combination of cyber threat prediction, prevention and cyber insurance coverage, Cyberboxx Business 5.0 provides superior coverages that recognize the interconnected nature of doing business today.  

Aligned with BOXX’s vision to make the world a digitally safer place, Cyberboxx Business 5.0 addresses the growing complexity of cyber insurance policies with a simpler and complete base form, making brokers’ lives easier. The policy wordings are designed to make cyber insurance more accessible to the many businesses that are vulnerable to cyber risks.  

“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.” said BOXX co-founder and CEO Vishal Kundi. 

Enhancements and features include: 

• Broadening coverage for all companies by removing complex security conditions in the wording, providing more coverage certainty for customers and brokers.
• No widespread event exclusion providing more certainty of coverage for businesses that depend on cloud-based platforms.
• Breach response costs in addition to the policy limit – eliminating policyholders’ concerns of exhausting their insurance thus limiting their ability to recover.
• Waiver of retention – rewarding businesses that report incidents to BOXX HackbustersTM promptly in the case of a suspected incident.
• Widening the definition of the insured to include associated entities, which protects your client’s business if an “associated entity” is cyber-attacked.
• Express inclusion of Social Engineering coverage with no call back condition, helping the business and employees protect themselves better.

Phil Baker, President of BOXX Canada & Chief Underwriting Officer said “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.”  

For Brokers who want to learn more about Cyberboxx Business 5.0, they can request to meet with a BOXX representative here.