Coronet, a security-as-a-service (SECaaS) and data breach protection platform provider, has announced plans to offer Coalition cyber insurance coverage up to $500,000. In doing so, Coronet and Coalition are making cybersecurity and cyber insurance offerings more available than ever before to small and medium-sized businesses (SMBs), the companies stated.
With the partnership, Coronet's SMB customers can leverage Coalition cyber insurance tailored to their specific cyber risk exposure requirements, according to the companies. They also can access a bundled insurance offering as part of Coronet's Platinum product at no additional cost.
Coronet, Coalition Are Growing
The Coronet-Coalition partnership comes as both companies have taken steps to extend their market reach in 2019.
In addition to its Coalition pact, Coronet in September partnered with insurance cloud platform company Slice Labs to deliver cyber insurance via AXA XL. Slice offers cyber insurance underwritten by Indian Harbor Insurance, an AXA XL company, to Coronet's SMB customers.
Meanwhile, Coalition in May raised $40 million in a funding round led by venture capital firm Ribbit Capital, with participation from investors Greenoaks Capital and Hillhouse Capital. The funding is helping Coalition scale its cyber insurance platform and explore ways to provide free cybersecurity risk management tools to SMBs.
Most Organizations Lack Cyber Insurance
Cyber insurance helps organizations avoid financial losses associated with cyberattacks. However, 62 percent of organizations lack cyber insurance, a recent survey of 581 IT professionals conducted by IT systems and network monitoring software company Spiceworks revealed.
As organizations search for ways to limit cyber risk, the demand for cyber insurance could increase in the foreseeable future. Furthermore, organizations could deploy managed security services in combination with cyber insurance to optimize their security posture.