NextGen Cyber for Brokers: Are your clients protected from a new wave of cybercrime?

‘A lot of the insurance market is built around doing the same thing that was done 20 years ago’

As we head further towards 2026, one thing is overwhelming clear – cybercrime is going nowhere fast. As such cyber insurance is no longer a nice to have, it’s a strategic necessity, especially for SMEs who can’t afford enterprise-level cyber security teams and solutions. But with various cyber policy options out there, how can Brokers be certain that their client portfolios are protected from the always-on and evolving risks from the likes of cybercrime?

The team that understands the next wave of digital risks better than most is BOXX Insurance. At BOXX, they are redefining the next generation of cyber coverage with their arsenal of all-in-one cyber insurance products and solutions for businesses and homes. Boasting a plethora of products that combine comprehensive cyber insurance coverage, enterprise-level technology with 24/7 human expertise, BOXX’s team is always looking for ways to meet changing client expectations and cybercriminal threats.

“At BOXX, we’ve made it our stock-in-trade to find innovative solutions and integrate them into our coverage and our risk management approach,” added Erik Tifft, Head of Products at BOXX Insurance. “Having the right provider for your cyber insurance program is critical because it’s the difference potentially between having the right coverage if an attack happens or dated coverage that doesn’t address the types of digital risks that are prevalent today.”

“A lot of the insurance market is built around doing the same thing that was done 20 years ago. Having a forward-thinking insurance provider offering advanced coverage is critical.”

It’s this over-reliance on outdated cyber policies and coverages that’s inadvertently putting businesses at risk. Strategies and products that worked to keep threats at bay 10 years ago simply wouldn’t cut the mustard nowadays – which is why at BOXX they’re always evolving their product lines and policies to match increasingly sophisticated cyberattacks.

NextGen Cyber: Constantly evolving policies

In that vein, BOXX recently added two new policy endorsements within their commercial cyber offering, Cyberboxx® Business;

First Party Each and Every Loss

a. First party insuring agreement limits are reinstated after each cyber incident with no aggregate.

b. For the Financial Crime and Fraud Insuring Agreements, we will pay four times the amount of the aggregate. Assuming four limit losses, this is giving the insured up to a $250K/$1M limit for Financial Crime and Fraud.

Outsourced Provider Amendatory

a. Affirms coverage for providers beyond tech service providers and business services to also include product suppliers; coverage for contingent business interruption (CBI) is for the full supply chain.

“First Party Each and Every Loss coverage means that when you have a first-party cyber incident on our form, we’ll reinstate the aggregate limits each time you have a loss,” added Tifft. “So, if you have a $1 million limit, the next day after we pay the million dollars – you now have another million dollars for a new incident.”

The inspiration behind this new policy was born out of market misconceptions – namely that insurers don’t necessarily provide coverage when there’s a claim.

“A policyholder might have a cyber incident early in a policy period and have a separate cyber incident later on in the policy period. Each separate cyber incident now has a full aggregate limit available to support the policyholder,” said Tifft.

And, in regards to their Outsourced Provider Amendatory, the gist of this update was to expand that from covering a service provider who the insured depends upon to someone providing services or products.

“The reality is we have insureds that are maybe not as service dependent but might have supply chain issues if there’s a cyberattack,” added Tifft. “[Essentially] it’s business interruption coverage. At BOXX, we want to make sure that if there’s a claim, our insureds are protected. We saw some room to improve our product language and ensure that if a product being delivered to our insured was impacted, our insured is protected for their loss of business income.”

‘Insurance is just one piece of it’

And with cyber being a risk that’s rapidly changing, this commitment to evolve with it is a core value at BOXX. For Jonathan Weekes, President, Canada at BOXX, it’s a case of adapting with the market to best serve their customers.

“Adding policy elements like the outsourced provider coverage demonstrates our ability to adapt and pivot to client needs. This coverage makes it abundantly clear to the business that is buying the policy that the exposure existed and that it’s part of our market-leading cyber base form.”

It’s this all-encompassing coverage, not to mention their on-hand support system Hackbusters, that sets BOXX apart from the hordes of cyber insurers out there. And, as we head on into 2026 and undoubtedly face yet unknown cyberthreats, having that client-first, full coverage policy is no longer an option – it’s a requirement.

“Technology and cyber risks still remain within the top 10 concerns of pretty much every organization,” added Weekes. “As a risk transfer solution, our products have to continue to evolve to address what’s been identified as a top risk.”

“Because insurance is just one piece of it – we also offer risk management support and solutions; working together with the actual capacity to deliver an all-around risk management solution.”