Boxx, a new insurance MGA based in Toronto, officially launched its flag-ship product Cyberboxx™ today with a clear mission - to make the internet a safer place for small to medium sized enterprises and by doing so, helping them become compliant with the new data privacy legislation expected to become law this November.
In November this year, Canada will join a host of other governments around the world in legally requiring that organizations, of all sizes, raise their game in how well they secure their data, monitor security threats and respond and recover from a breach if the worst happens. Cyberboxx™ offers small-to-medium size enterprises (SMEs) an affordable digital risk management tool to predict and remediate potential security threats across their organization plus the resources and funds to respond and recover from a hacking breach.
Boxx’s team includes technology entrepreneurs, academics and cyber insurance innovators. “There’s been an explosion of cyber crime targeting SMEs and neither traditional cyber security or insurance in isolation can deal with the new threat,” says Vishal Kundi, Chief Executive Officer and Co-Founder, “We’ve created a new type of company for a new type of risk”.
Unlike Fortune 500 companies that have specialist resources to counter this threat and meet regulatory requirements, 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.
The Cyberboxx™ product is exclusively available through insurance brokers. Clients will be able to request their cyber insurance quote and personalized Boxx Score and learn how they stack up against their industry peers. All they need to do is answer a few simple questions.
Alister Campbell, Chair of the Boxx Insurance Advisory Board, commented ‘in addition to plugging the cyber skill gap for SMEs, Cyberboxx™ is bridging the cyber security trust barrier between business and insurers. I am convinced that this will enable Cyberboxx™ to redefine the way cyber risk is assessed, priced and purchased in the Canadian market.”
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