Canadian cyber insurance firm BOXX has joined forces with Equifax to launch a new offering aimed at protecting customers from cyber threats.

The new Identity Theft Protection solution will offer $1m coverage for identity theft and loss with support from Equifax.

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BOXX stated that online shopping during the holiday season is expected to grow between 8.5% -10.5% this year compared to last year, which has raised concerns related to cybersecurity and online protection.

It offers cyber insurance to individuals, families and small businesses in North America and select markets of Europe and Latin America.

BOXX co-founder and CEO Vishal Kundi said: “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.

“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 who need support to improve their protection against attacks online. By helping our customers through the complete journey, we can provide the right level of support at the right time, based on our customers’ unique needs.”

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Recently, BOXX closed its oversubscribed $10m Series A funding round, which saw participation from insurance giant Zurich.

Last month, Resilience, a cyber insurance and security solutions provider secured $80m in funding.