Cyber Insurance Firm Coalition Adds Smart Building Coverage
Coalition, a California-based cyber insurance provider, has introduced Coalition for Real Estate coverage in conjunction with Swiss Re Corporate Solutions and Argo Group. This coverage provides up to $10 million of cyber insurance protection to businesses across the real estate industry, according to a prepared statement.
Key features of Coalition for Real Estate include:
- Risk Assessment: Coalition uses thousands of data points to assess the risk surface of a company or smart building. Coalition risk assessments are made available to customers and include remediation assistance.
- Bespoke Policies: Coalition offers custom policies to address specific cyber risks, including coverage for data breaches, bodily injuries, property damage and pollution in the event of a security failure. In addition, Internet of Things (IoT) devices are covered across all policies.
- Patch and Threat Monitoring Apps: Coalition ensures customers can access its patch and threat monitoring applications free of charge.
Also, Coalition accounts for an organization’s existing security controls and measures during the policy underwriting process, the company noted. By doing so, Coalition can provide reduced policy premiums to eligible customers.
What Is Coalition?
Coalition last year unveiled cyber insurance products for small and medium-sized businesses (SMBs) and other firms. It delivers cyber coverage via insurance brokers in all 50 states and helps organizations detect, manage and mitigate cyber threats.
Furthermore, Coalition provides a cyber risk management platform and cybersecurity and cyber risk management apps. These offerings empower organizations with threat and intelligence alerts, ransomware and denial of service protection, patch and vulnerability management and other cybersecurity capabilities.
Coalition is one of several cyber insurance options, and other cyber insurance providers include:
- Privilege Underwriters Reciprocal Exchange (PURE): Offers PURE Starling coverage for people who suffer financial losses resulting from fraud and cybercrime.
- At-Bay: Provides cyber risk insurance and protection and helps organizations and insurance brokers assess and manage cyber risk.
- Barbican Insurance Group: Offers the Cyber “One-Step-Ahead” (OSA) product, which combines software components, on- and off-site training and evaluation and recommendation reports to help organizations improve their cybersecurity measures.
- CyberDot: Provides a cyber insurance and security platform for small businesses.
State of Cyber Insurance
Large companies are more likely than SMBs to purchase cyber insurance, according to the Insurance Information Institute (III). However, cyber insurance is quickly becoming a must-have for businesses of all sizes and across all industries.
Still, opinions about cyber insurance vary from pundit to pundit. Even billionaire investor Warren Buffett has started to weigh in with perspectives.
Cyber insurance policies are available that account for the security needs of businesses in a variety of industries, III stated. These offerings enable businesses to receive cyber protection to address industry-specific cyber risks.