Insurtech and online protection company BOXX Insurance has teamed up with Westland Insurance to offer a new cyber insurance product for homeowners in Canada.
With this partnership, the companies aim to give homeowners the safety they require in the current digital era as incidences of cybercrime continue to rise.
Recent statistics show that cybercrime is seven-times more common in Canadian homes than house fires.
Westland Insurance commercial and speciality executive vice-president Donna Barclay said: “Consumers are increasingly looking for simple and affordable solutions to protect themselves and their families online – to prevent potential attacks – and access to experts should an incident occur.
“We are also seeing a significant demand for this type of product from business clients who are looking for employee benefit solutions to protect employees from attacks online.”
Under the agreement, Westland Insurance will give its customers access to BOXX Insurance’s cybersecurity and insurance solution Cyberboxx.
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Cyberboxx policy comprises a suite of cyber tools intended to block online threats. It also includes insurance coverage against identity theft, cyberstalking, cyberattacks and data breaches, among others.
Intended to close the potential cyber gaps faced by most individuals and families, the Cyberboxx policy also includes credit monitoring, C$1m ($726,927) in ID recovery expenses and lost wallet assistance.
In its press statement, Westland said: “One of the key features of this product is its worldwide coverage, which is essential for Canadians that travel overseas.
“Additionally, BOXX provides peace of mind by offering access to BOXX Hackbuster experts for hands-on live assistance in case of a digital emergency.”
The partnership allows clients of Westland to purchase the BOXX cyber insurance coverage online or in-branch.