Recent statistics underline the rising threat of cybercrime to Canadian households, which are seven times more likely to experience such incidents than a house fire, as per Westland’s news release.
According to reports, the partnership will address the escalating concerns of individuals and families regarding their digital safety.
The cyber insurance product encompasses a range of features, including credit monitoring, $1 million in identity recovery expenses, and lost wallet assistance. Additionally, it provides advanced cyber tools and insurance coverage for various cyber risks, including data breaches, identity theft, cyberstalking, and cyberattacks.
Cyberboxx policy stands out with its worldwide coverage, a crucial feature aimed at Canadians traveling abroad. Recognising the increased cyber risks associated with less secure Wi-Fi networks in hotels and airports, the policy addresses this concern by providing access to BOXX Hackbuster. This feature offers live, hands-on assistance to clients during digital emergencies.
Westland’s foray into cyber insurance follows the introduction of its private client services practice. This specialized practice is designed to customise coverage and risk management strategies specifically for high-net-worth individuals. The solutions provided include coverage for high-value homes, secondary and seasonal residences, automobiles, fine art collections, jewellery, watercraft, and personal excess liability.
“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,” said Donna Barclay, EVP commercial and specialty at Westland Insurance.
“We’re 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.”
In 2021, Zurich Insurance Group (Zurich) announced a global collaboration with BOXX Insurance (BOXX), to provide fully-integrated cybersecurity and insurance solutions for small-to-medium-sized businesses (SMEs), consumers and families.
Author: Joanna England
