BOXX Insurance, in partnership with AXA, has introduced a cyber risk mitigation solution tailored for small businesses.
To be initially launched in Spain, the new offering aims to equip these enterprises with the tools necessary to foresee and forestall cyber threats effectively.
BOXX Insurance CEO and founder Vishal Kundi said: “Small businesses often face significant challenges in securing adequate support against cyber risks, which can have devastating consequences for their operations.
“Driven by our mission to make the world a digitally safer place, we conducted in-depth research to understand the specific needs of small businesses. The findings underscored the importance of not only responding to and recovering from cyber-attacks but also predicting and preventing them.”
The app-based solution enhances small businesses’ capabilities to predict and prevent cyber risks and provides external perimeter scanning assessment, alerts for compromised credentials, employee training and awareness, and an incident response wallet.
By assessing their external attack surface, companies receive a cyber risk score, which includes a detailed analysis and industry benchmarking.
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Users are provided with 24/7 monitoring of the dark web to detect compromised credentials such as email addresses and bank account details, along with expert breach response advice.
The digital risk assessments and cyber awareness training included in the solution aim to measure critical risk exposure linked to business activities. The training encompasses various educational materials, including videos and self-assessments.
In response to cyber incidents, the incident response wallet offers immediate guidance on the steps to be taken.
AXA Seguros España official Alfonso Zayas Satrustegui said: “Recognising that 80% of cyber breaches stem from inadequate security measures, this new solution empowers businesses to proactively combat cyber threats. Through the provision of real-time alerts, digital risk assessments and ongoing training, we are proud to introduce this indispensable tool to support our business clients, launching initially in Spain today.
“By offering companies a dynamically updated task list for sustained protection and equipping team leaders with a reporting dashboard to monitor progress, we deliver a powerful tool ensuring the digital safeguarding of our valued business clients.”
The two companies stated that this collaboration addresses the pressing need for cybersecurity in the small business sector, offering a comprehensive strategy to safeguard against the increasing threat of cyber attacks.
Last May, insurtech BOXX Insurance introduced MyCyberProtection by Cyberboxx Home in the US.
This offering brings together cyber insurance with security tools and emergency assistance to ensure Americans stay safe online.