Cyber Insurance Funding: Coalition Raises $40 Million
Cyber insurer Coalition has raised $40 million in a funding round led by venture capital firm Ribbit Capital, with participation from investors Greenoaks Capital and Hillhouse Capital. Coalition will use the funding to scale its cyber insurance platform and explore ways to provide free cybersecurity risk management tools to small and medium-sized businesses (SMBs), according to a prepared statement.
Coalition provides a cyber insurance platform that includes the following apps:
- Credential Monitor: Notifies an organization when an employee’s password or identifying information is stolen and may be used by a hacker.
- DDoS Mitigation: Provides a distributed denial of service (DDoS) mitigation service that includes over 15 Tbps of available network capacity.
- HackerOne Response: Enables an organization to create a HackerOne vulnerability disclosure program to receive and respond to vulnerabilities discovered by ethical hackers.
- Patch Manager: Scans an organization’s Internet-facing infrastructure for outdated software and security vulnerabilities.
- Ransomware Prevention: Protects organizations against 99 percent of known ransomware.
- Threat Monitor: Uses threat intelligence and analysis to mitigate the risk of a data breach.
Coalition also provides up to $10 million in cyber insurance coverage. It continues to update its cyber insurance coverages, too.
For example, Coalition in February added cyber insurance coverage to protect SMBs against European Union (EU) General Data Protection Regulation (GDPR) compliance violations. This coverage safeguards SMBs against the costs and liabilities associated with GDPR violations and protects these businesses if they fail to comply with GDPR enforcement actions.