Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, launched its suite of Active Cyber Insurance products in Australia.
Active Cyber Insurance works with organizations to help them understand their cyber risk profiles, improve their defenses, and, ultimately, prevent future attacks. Policyholders receive a risk assessment to better understand their existing security posture and cyber defensive areas they should reinforce.
Through Coalition Control, the company’s cyber risk management platform, organizations can receive real-time alerts about current vulnerabilities and emerging threats through continuous scanning and monitoring to help identify risks before an incident can escalate and lead to significant business disruption.
Lastly, if and when an attacker inevitably breaks through, Coalition offers an in-house claims team to help businesses quickly recover from an incident and get back to normal operations.
Capacity for Coalition’s offering is provided by a multi-year agreement with Allianz Australia. Allianz is a strategic partner of Coalition, also providing capacity for the company’s US and UK cyber insurance programs.
“In the last year alone, countless businesses in Australia have suffered high-profile cyber-attacks, affecting millions of Australians and pushing cybersecurity and data privacy to the forefront of the national conversation. Yet, only 20% of Australian SMEs currently have cyber insurance, and even fewer brokers specialise in the coverage area,” said Joshua Motta, Coalition’s chief executive officer and co-founder.
“We have observed the intense business need in Australia for access to a comprehensive solution like Active Cyber Insurance that can detect, assess, respond to, and, ultimately, prevent cyber risk. We are excited to bring our unique and innovative solution to brokers and their clients and to be a partner in helping businesses before, during, and after a cyber incident,” Motta added.
“Cyber risk is a significant threat impacting Australian businesses today,” said Phuong Ly, chief general manager, Commercial, at Allianz Australia. “Allianz is proud to partner with Coalition and help provide our broker partners and their customers this unique solution, which combines comprehensive insurance coverage and active security protection to help safeguard Australian businesses against future cyber-attacks.”
“The last months witnessed the continuation of growing cyber threats. Early detection and effective response capabilities will be key for our customers as threat actors continue to exploit vulnerabilities. In partnership with Coalition, our customers will be able to reinforce their cyber controls and resilience,” said Scott Sayce, global head of Cyber at Allianz Commercial.
Coalition offers comprehensive cyber coverage as the standard and covers most industries. Current providers typically present 20-plus page applications, which makes it challenging for new buyers and small businesses to access and understand coverage. Coalition provides a streamlined and efficient quoting process with an end-to-end platform where brokers can generate bindable quotes in minutes. For brokers new to Coalition’s product offerings and seeking to learn how to protect their clients better, the company provides an extensive library of training materials and resources to help advise on cyber risk.
Australian brokers can now sell Coalition Cyber Insurance and Tech E&O Insurance coverages on a primary basis to businesses with up to $2 billion in turnover and no minimum premium. Coalition’s Active Cyber Insurance offering is available for brokers to start quoting now.
Australia is Coalition’s fourth global market, having launched in the U.S. in 2018, Canada in 2020, and the U.K. in 2022. The company will continue expanding its Australian offices, building local business development, underwriting, claims, and incident response teams in the region.
Source: Coalition
Was this article valuable?
Here are more articles you may enjoy.