BOXX Insurance, a prominent cyber insurance technology firm in Canada, announced the release of Cyberboxx Business 5.0. It is the latest version of its integrated cyber insurance and protection product. The update aims to enhance the resilience of businesses against cyber threats by simplifying coverage and making policies more accessible, especially for small businesses.
The new version of Cyberboxx Business combines threat prediction, prevention, and insurance coverage in a single package. This release marks a significant shift towards reducing the complexity of cyber insurance policies, a move intended to ease the burden on brokers and policyholders alike. The simplified base form aims to be more understandable, potentially broadening its appeal and usage among businesses at risk of cyber incidents
Vishal Kundi, co-founder and CEO of BOXX, emphasized that modern businesses’ interconnected nature necessitates robust digital defenses. “Cyberboxx Business 5.0 is tailored to enhance business resilience by not only addressing threats as they occur but also by broadening the range of covered cyber events,” Kundi stated.
Key enhancements in the new policy include broader event coverage, particularly for businesses reliant on large cloud platforms, and the removal of complex security conditions previously embedded in the policy wording. These changes are expected to offer clearer coverage certainty for both customers and brokers.
“Straightforward and Effective”
Additionally, the policy now extends coverage to breach response costs beyond the established limits and introduces a waiver for retention if incidents are reported promptly. It also expands the insured’s definition to include associated entities, providing broader protection under a single policy framework.
Phil Baker, President of BOXX Canada and Chief Underwriting Officer, highlighted the company’s goal of simplifying digital protection. “This update is part of our ongoing effort to make cyber insurance more straightforward and effective, helping our clients navigate an ever-evolving cyber risk landscape,” Baker commented.
The launch of Cyberboxx Business 5.0 aligns with BOXX’s strategic vision to enhance digital security across Canadian businesses, reinforcing its role as a leader in the cyber insurtech space.
Source: BOXX Insurance launches enhanced and updated Cyberboxx Business 5.0.
Other News: The Future of Cyber Insurance: Stand-Alone Coverage + M&A(Opens in a new browser tab)