This article was produced in partnership with BOXX Insurance.
Desmond Devoy, of Insurance Business Canada, sat down with Neal Jardine, global cyber risk intelligence and claims director, BOXX Insurance, to delve into increasing cyber threats and to shares insights on how to detect, mitigate, recover, and restore operations swiftly and effectively with the help of security experts.
The threat of cyberattacks is on the rise, and Canada has now emerged as one of the top three countries globally vulnerable to ransomware.
Managing the aftermath of such attacks and minimizing disruptions to your business is crucial, underscoring the saying, “it’s not the attack that will kill your business, but how you respond.”
Neal Jardine (pictured), global cyber risk intelligence and claims director at BOXX Insurance, explained: “We’re witnessing a significant increase in cyberattacks right now.” He pointed out that there has been a five-fold increase since mid-September. Ransomware attacks are particularly prevalent, often demanding substantial ransoms.
BOXX Insurance’s approach, centered around prediction, prevention, response, and recovery, has been effective in safeguarding clients even in the face of this surge. BOXX’s cyber policies focus on proactive measures rather than just being reactive when an incident occurs.
Jardine emphasized the importance of understanding a client’s unique vulnerabilities, starting with predicting the potential attack surface and the client’s online activities. Different businesses face distinct threats; for instance, manufacturers and contractors may be attractive targets for financial crimes, while small health clinics are often targeted for patient records.
BOXX’s approach begins with creating a robust security plan tailored to the client’s specific needs. During the onboarding process, BOXX’s online security team works to identify vulnerabilities and establishes a comprehensive information security program.
BOXX regularly scans its clients for red flags, aiming to uncover security gaps and improve their overall security posture. It provides proactive alerts for emerging threats, such as the creation of domain names resembling clients’ identities, signalling potential attacks.
BOXX acts as an essential partner for its clients, offering a free forensic service and proactive monitoring. In case of identified issues, clients receive personal support from IT security experts. The goal is to create a collaborative, proactive strategy to ensure clients remain secure.
In the event of a cyberattack, speed is of the essence. BOXX encourages clients to seek help immediately and aims to avoid penalizing them for making a claim. It offers assistance in identifying the necessary response, whether involving lawyers, forensics, or public relations.
BOXX primarily serves small-to-medium-sized businesses (SMBs), and Jardine stressed the need for brokers to engage with their SMB clients regarding cyber policies relevant to their business. Dismissing the misconception that cyber threats only impact large corporations, Jardine advocates for a proactive approach.
BOXX’s coverage is comprehensive, encompassing ransomware costs, privacy breaches, and legal liability. They focus on being proactive and aiding clients in resolving cyber events swiftly, ultimately minimizing the need for claims.
In the past year, 82% of BOXX’s clients managed to resolve cyber events without escalating to a full claim, reflecting the effectiveness of its approach.
For more information, visit BOXX Insurance online at: https://boxxinsurance.com.
