BOXX Insurance announces US$1m Identity Theft Protection coverage with Equifax in latest product release
E-commerce & holiday-season spend expected to break new records, spiking new concerns about cyber security
TORONTO, Dec. 7, 2021 /PRNewswire/ - Toronto-based cyber insurer BOXX Insurance ("BOXX") partnered with Equifax to launch US$1M Identity Theft Protection coverage amidst growing cyber safety concerns in what is set to be a record-breaking online holiday-shopping year.
Holiday season spend is set to grow between 8.5% -10.5% this year compared to last year, with e-commerce spend expected to break new records hitting over US$218bn.
Consumers continue to turn to online shopping with spending during the holiday season increasing 5% over the three-day Thanksgiving weekend period, compared to a year earlier.
With 87% of consumers planning to shop online during the holiday season (13% more compared to 2020), concerns around cybersecurity and protection online have also escalated - with 63% of consumers more alarmed than ever about their privacy online. With 83% of consumers wanting to do more to protect their privacy, worryingly 46% of consumers would have no idea what to do if their identity was stolen.
BOXX launches new $1M ID Theft Cover
The heightened concerns over online privacy, ID theft and protection have led BOXX to enhance its online protection support with $1M coverage for Identity Theft and Loss, supported by Equifax.
Said Vishal Kundi, Co-founder & CEO of BOXX: "Consumers are increasingly looking for simple and affordable solutions to protect themselves and their families online - to prevent potential attacks, get assistance should an incident occur, and help recovering after an attack has happened. We are seeing significant appetite for the type of assistance and insurance services we provide for both individuals and their families, as well as for small and medium sized business who need support to improve their protection against attacks online. By helping our customers through the complete journey, we are able to provide the right level of support at the right time, based on our customers' unique needs."
BOXX recently announced a global partnership with Zurich Insurance and expanded its operations to the US and Europe.
About BOXX Insurance
BOXX Insurance Inc. helps businesses, individuals and families insure and defend against cyber threats. BOXX Insurance Inc. is privately-held with headquarters in Toronto, Canada. BOXX's vision is to help businesses, individuals and families stay ahead of, respond to and recover from cyber threats, putting their digital safety first. More information: www.boxxinsurance.com.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 12,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.
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SOURCE BOXX Insurance