Insurtech firm BOXX Insurance, in partnership with AXA, has unveiled a cyber risk mitigation solution designed to offer vital support to small businesses.
Recognising the pressing need for comprehensive protection against cyber threats for smaller enterprises, BOXX Insurance’s user-friendly solution aims to assist businesses in predicting and preventing potential cyber attacks.
Vishal Kundi, CEO and Founder of BOXX Insurance, emphasised the significant challenges small businesses face in securing adequate support against cyber risks, which can have devastating consequences for their operations.
Kundi stated, “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 newly launched solution focuses on risk mitigation by providing small businesses with tools to predict and prevent cyber risks.
Companies receive a cyber risk score based on scanning their external attack surface, along with a breakdown of contributing factors and a benchmark against industry peers.
Users benefit from 24/7 dark web monitoring to identify compromised credentials, such as email addresses, credit card numbers, and bank account details, with expert advice on responding to data breaches.
The solution offers digital risk assessments and cyber awareness training to gauge critical risk exposure based on business operations. Training modules include onscreen and downloadable information, short videos, and self-assessments.
In the event of a hack, users can access an instant response wallet for guidance on necessary actions to take.
Alfonso Zayas Satrustegui from AXA Seguros España highlighted the importance of proactive measures, stating, “Recognising that 80% of cyber breaches stem from inadequate security measures, this new solution empowers businesses to proactively combat cyber threats.”
BOXX Insurance and AXA aim to provide real-time alerts, digital risk assessments, and ongoing training, delivering a powerful tool to support business clients in Spain initially.
The solution offers a dynamically updated task list for sustained protection and equips team leaders with a reporting dashboard to monitor progress, ensuring the digital safeguarding of valued business clients.
“BOXX takes great pride in collaborating with AXA to deliver a comprehensive solution that addresses the evolving needs of their clients, strengthening them against these increasing risks,” Kundi concluded.
