Coalition Introduces Cyber Insurance Products, Coverage Up to $10M
Coalition, a California-based cyber risk solutions provider, has launched cyber insurance products backed by commercial insurer Swiss Re Corporate Solutions and specialty insurance underwriter Argo Group. These products are delivered via insurance brokers to help organizations detect, manage and mitigate cyber threats and provide access to cybersecurity apps.
The Coalition cyber insurance products includes policies for small and medium-sized businesses (SMBs) and cyber and technology error & omissions insurance with up to $10 million in coverage, the company said. These products help safeguard organizations against a wide range of cyber threats, including:
- Network breaches.
- Physical cyberattacks.
- Social engineering.
In addition, Coalition delivers a broad array of coverages, such as:
- Business interruption related to cyberattacks.
- Data privacy liability.
- Funds transfer fraud.
- Systems failure related to cyberattacks.
Coalition cyber insurance products are now available, with pricing as low as $200 per year. Also, Coalition offers risk management apps to help organizations access and configure threat and intelligence alerts, ransomware and denial of service protection and patch and vulnerability notifications.
What Separates Coalition from Other Cyber Insurance Companies?
Coalition was founded to address cyber risk, CEO Joshua Motta said in a prepared statement. To accomplish this goal, Coalition has established the following business strategy:
- Sell an insurance product to protect organizations against rapidly emerging cyber and technological risks.
- Use the money from its insurance product to invest in a security platform with free tools, technology and intelligence to protect policyholders.
- Use the data from the aforementioned platform to build better insurance products and more effective tools, technology and intelligence.
Coalition is committed to transforming the way organizations manage cyber risk and developing enhanced cyber insurance and cybersecurity products, Motta indicated. It blends cybersecurity with insurance, Motta noted, and intends to work with customers before, during and after an incident to deliver the best-possible results.
Furthermore, Coalition plans to offer a security platform to address cyber risk that will be free to all who sign up for it, Motta stated. That way, Coalition can help organizations effectively address cyber risk both now and in the future.