Cyber insurance helps businesses decrease risk by offsetting the costs involved with recovering from a cyber-related breach or similar event. It is protection against cybercrime, which is on the rise in Canada and globally. Security breaches are now inevitable, with 70% of hacks targeting small to midsized businesses to steal/exploit data or hold a business to ransom. In general, cyber insurance policies have two primary components:

• First party coverage: for costs related to a data breach resulting in loss to the insured. For example: costs relating to threat of extortion, loss of income due to interruption of the business, costs of reinstating data, and computer forensics.​
• Third party coverage: for claims brought against the insured by third parties who allege they have suffered loss because of the insured’s actions. There are also regulatory obligations to secure personal or commercially sensitive data.

Cyberboxx™ membership provides essential protection against your cyber risk exposure. Our insurance coverage includes but is not limited to*: First Party Coverage

• Reimbursement for the costs of repair, restoration, or replacement if a hacker causes damage to your websites, programs, or electronic data.
• Support in the event of a data breach, including forensic experts, legal advisors and crisis management experts.
• Payment of the costs associated with regulatory investigations.
• Payment of civil penalties levied by regulators (where permissible).
• Protection if a hacker tries to hold your business to ransom by covering the ransom you have paid, as well as the services of a risk consultancy firm to help manage the situation.
• Coverage for lost profits, including where caused by damage to your reputation, if a hacker targets your systems and prevents your business from earning revenue.

Third Party Coverage Cyberboxx™ coverage will pay to defend and settle claims made against you for failing to keep customers’ personal data secure. The policy includes protection if you mistakenly infect someone’s system by sending them an infected email or your failure to keep your computer system secure. Online Liability Protection if your online content infringes someone’s intellectual property rights, including if done by a hacker, such as the inadvertent infection of another system with malware through an email attachment. Optional Coverage: Prior Acts Coverage: Insurance for undetected and unknown infections which were present during time of policy purchase but effectively a “wake up” in the form of malware or cyber ransom afterwards. Cyber Deception or Social Engineering Coverage: Insurance for the loss of money as a result of a social engineering or phishing attack against you which results in your voluntary transfer of money to an unintended third party.

Yes. The policy is triggered by the breach of electronic and non-electronic data that includes theft and loss. With Cyberboxx™, your business has access to insurance for a sophisticated hack, but also for leaving a paper file on a train or sending information by email to the wrong person.

Responding to a breach incident quickly is critical. Boxx is unique in having its own dedicated emergency response team. As a result, if you are a Cyberboxx™ member, you speak to a breach incident response expert to help contain the risk as quickly as possible. Our professionals are here to support you during breach incidents, whenever you need us – across the globe and around the clock. A cyber breach isn’t always a disaster, but mishandling one can be. When a cyber security breach occurs, time works against you. Most hackers accomplish their objectives within the first 5 hours of gaining access to your network. With our coverage, we provide the resources to help you contain the incident on your first call to us and help prevent an incident from causing material damage to your business or reputation. Here are some of the steps we go through:

• The Hackbusters™ contain the breach. Our team of Hackbusters™ will help you contain the situation and mobilize the relevant team specialists. They work in conjunction with our data protection and ransom experts. Our PR experts will deal with incidents that affect employees and customers, and our legal representatives will provide advice and support on all the legal implications of a cyber-attack.
• Re-secure your network and get you back up and running. If you have a cyber incident, our goal is to get your business back up and running quickly and as hassle-free as possible. We will help eliminate the cause of the breach and secure the responsible weak points to prevent future attacks.
• Address legal and regulatory requirements. The legal consequences of a breach can run in to the millions of dollars. Deciding who and when to notify is not easy. Our policy provides the legal expertise and indemnifies damages to third parties impacted by your breach, including regulatory damages.
• Manage your brand reputation. Not all security breaches will become public, but for many it will be inevitable. If relevant data protection legislation requires that affected individuals be notified, our specialists help in the messaging and communications distribution.
• Conduct a thorough investigation. The Cyberboxx™ breach response team will help you document the facts surrounding the breach, its effects and remedial actions taken as these may be required as part of any legal defense or regulatory notification to be submitted.
• Minimize the risk of a similar breach. Whenever there is a breach, it is important to feed back the conclusions from the investigation in to your procedures to ensure that employees are given appropriate training on them. Regulators are often just as interested in what has been done to remedy processes going forward, as in the breach itself.