BOXX Insurance Teams With Equifax for Identity Theft Protection

Cyber insurer BOXX Insurance is teaming up with Equifax to offer $1 million in identity theft protection coverage as holiday shopping gears up for record eCommerce sales, according to a press release on Tuesday (Dec. 7).

Spending this holiday season is forecasted to grow between 8.5% to 10.5% compared to 2020, with online shopping anticipated to break records and surpass $218 billion. Online shopping over the three-day Thanksgiving weekend increased 5% over last year.

See also: US Consumers Say They’ll Do Half of Their Remaining Holiday Shopping Online

This year, 87% of consumers indicated that they plan to shop online, 13% more than last year, according to the release. Concerns about online protection have also gone up, with 63% of consumers worried about their privacy, 83% wanting to do something about it and 46% unsure of what to do if their identity is stolen.

According to PYMNTS research, 55% of consumers don’t store payments credentials due to lack of confidence in security protocols, and 57% are likely to abandon an online platform if they feel their information is not adequately protected.

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Due to the increased concerns about online privacy and identity theft, BOXX boosted its protection with $1 million for identity theft and loss, supported by Equifax.

“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 to recover after an attack has happened,” said Vishal Kundi, co-founder and CEO of BOXX.

“We are seeing a 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 businesses that 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,” he added.