Coalition Insurance
Coalition is a cybersecurity and insurance company offering “Active Insurance” that integrates technology with traditional coverage to help businesses prevent, manage, and recover from digital risks. Their approach combines comprehensive cyber insurance with AI-powered tools and security services, enabling continuous risk assessment, protection, and fast response during a cyber incident. Coalition’s platform, Coalition Control™, provides policyholders with ongoing monitoring and threat mitigation tools throughout their policy.
Coalition
Active Insurance
Coalition Active Insurance
Coalition’s Active Insurance offers a modern approach to cyber insurance designed to address the evolving digital risks faced by businesses of all sizes. Unlike traditional cyber insurance policies, which are often passive and rely on outdated data, Coalition’s Active Insurance leverages real-time data and proactive measures to protect businesses from cyber threats.
Key Features of Coalition’s Active Insurance
Assessment: The Active Data Graph identifies specific digital risks for each business, enabling more accurate risk assessments and stable pricing.
Coverage: In the event of a cyber incident, Coalition provides around-the-clock expert support, responding within minutes to help recover funds and minimize impacts.
Protection: Coalition Control®, the company’s cyber risk management platform, offers ongoing monitoring of a business’s cybersecurity posture and alerts about emerging threats. Policyholders also have access to hands-on support from security experts.
Response: The comprehensive coverage is designed to stay up-to-date with the changing threat landscape, protecting businesses from critical cyber threats while limiting out-of-pocket costs.
Effectiveness and Approach
Coalition’s Active Insurance approach has proven effective, with policyholders experiencing 64% fewer claims than the industry average. This success is attributed to the proactive nature of the insurance, which partners with businesses to monitor, mitigate, and reduce digital risk from the outset rather than only responding after an incident has occurred.
Target Market
While the document emphasizes that 46% of all cyber breaches impact businesses with fewer than 1,000 employees, Coalition’s Active Insurance is designed to protect businesses of all sizes that rely on technology for various aspects of their operations, including data management, sales and payroll.
Coalition’s Active Insurance offers a comprehensive, proactive approach to cyber insurance that goes beyond traditional policies. It aims to keep businesses one step ahead of evolving cyber threats by combining real-time data, expert support, and ongoing protection.
Coalition
Before, During & After
Coalition
Active Protection: Before, During and After a Digital Incident
Coalition offers organizations comprehensive cybersecurity and risk management solutions, providing active protection and support before, during, and after digital incidents. Their services are designed to help businesses identify, mitigate, and recover from cyber threats and executive exposures.
Active Assessments, Monitoring, and Alerts
Coalition Control, a free service for policyholders, provides automated scanning and alerting to assess digital risks. This service offers:
- Near real-time snapshots of an organization’s digital risks
- Third-party risk management through monitoring of vendors, suppliers, and partners
- Discounts on leading cybersecurity solutions
Active Response During Security Incidents
Coalition’s active response capabilities include:
- Continuous scanning and monitoring of digital assets and risk factors
- Personalized alerts for critical issues and security recommendations
- A dedicated Security Support Center with in-house teams for incident response and cyber claims
- Coalition Incident Response (CIR) team, responding quickly to accelerate claims response
- A claims team with privacy attorneys and legal experts to navigate the recovery process
Comprehensive Insurance Coverage
Coalition’s insurance policies are designed to help organizations recover financially and operationally after a cyber incident:
- Protection for the entire business, covering financial losses and liability from cyber incidents or technology failures
- Coverage for privacy violations and decisions made by company executives
- Insurance products backed by leading global reinsurers
By combining proactive risk assessment, rapid incident response, and comprehensive insurance coverage, Coalition offers a holistic approach to cybersecurity and risk management. This integrated solution aims to protect businesses at every stage of potential digital threats, from prevention to recovery.
Coalition
Coverage Summary
Coalition: Coverage Summary
This document outlines the comprehensive cyber insurance coverage offered by Coalition, highlighting their innovative and superior approach to protecting businesses against a wide range of cyber incidents. The coverage is divided into several key areas:
3rd Party Security and Privacy
This section covers liability related to security failures, data breaches, and privacy violations. It includes:
- Network and Information Security Liability
- Regulatory Defense and Penalties
- PCI Fines and Assessments
- Funds Transfer Liability
Media and Professional Liability
Coverage in this area encompasses:
- Multimedia Content Liability
- Technology Errors and Omissions (available by endorsement)
- Miscellaneous Professional Liability (available by endorsement)
Cyber Crime
This section addresses various forms of cyber-related financial fraud:
- Funds Transfer Fraud, Personal Funds Fraud, and Social Engineering
- Service Fraud, including Cryptojacking
- Impersonation Repair and Phishing
- Invoice Manipulation
Event Response
This comprehensive section covers a wide range of incident response and recovery costs:
- Breach Response Costs
- Cyber Extortion (Ransomware)
- Direct and Contingent Business Interruption and Extra Expenses
- Digital Asset Restoration
- Crisis Management and Public Relations
- Proof of Loss Preparation Expenses
- Computer Replacement and Bricking
- Reputational Harm Loss
- Court Attendance
- Criminal Reward
Available by Endorsement
Additional coverages that can be added include:
- Bodily Injury and Property Damage – 1st Party
- Pollution
The policy is designed to protect against cyber threats, covering direct losses and third-party liabilities. It includes innovative features such as coverage for crypto-jacking, impersonation repair, and reputational harm. The policy also offers support for incident response, including crisis management and public relations expenses.
Coalition’s cyber insurance policy stands out for its breadth of coverage, high limits, and industry-first protections. It aims to address the evolving landscape of cyber risks businesses face today, offering a comprehensive solution beyond traditional cyber insurance policies.
Coalition Cyber Insurance
Pioneering Active Insurance for the Digital Age
In an era where digital risks pose an ever-increasing threat to businesses of all sizes, Coalition has emerged as a groundbreaking force in the cyber insurance industry. Founded in 2017 by technology entrepreneurs Joshua Motta and John Hering, Coalition has redefined the approach to managing and mitigating cyber risk through its innovative Active Insurance model.
The Genesis and Growth of Coalition
Coalition was born from a simple yet powerful mission: to solve cyber risk for small and medium-sized businesses (SMBs). Recognizing the vulnerability of these organizations in the face of growing digital threats, Motta and Hering set out to create a solution combining comprehensive insurance coverage with proactive cybersecurity tools.
The company’s innovative approach quickly gained traction in the market. Within months of its launch in November 2017, Coalition secured $10 million in seed funding from leading technology investors, signaling strong confidence in its vision. This initial success was just the beginning of a remarkable growth trajectory. By July 2022, Coalition had raised over $755 million in equity funding and achieved a valuation of $5 billion, a testament to its rapid expansion and market impact.
Coalition’s financial performance has been equally impressive. As of July 2022, the company exceeded $775 million in run rate Gross Written Premium (GWP), with a nearly 200% increase in revenue growth over the prior year. These figures highlight Coalition’s rapid scaling and underscore the growing demand for its unique approach to cyber risk management.
Financial Strength and Strategic Partnerships
A key factor in Coalition’s success has been its strategic partnerships with some of the world’s leading insurers and reinsurers. These partnerships include industry giants such as Allianz Group, Arch Specialty Insurance Company, Ascot Group, Lloyd’s of London, Swiss Re Corporate Solutions, Vantage Risk Specialty Insurance Company, and Chaucer Insurance Company DAC. All of these partners boast high A.M. Best ratings, ranging from A to A+, which speaks to their financial stability and reliability.
These partnerships serve a dual purpose. First, they provide Coalition with the financial backing to offer robust insurance products with significant capacity. Second, they lend credibility to Coalition’s innovative approach, validating its model in the eyes of potential clients and investors alike.
Technological Innovation at the Core
Coalition’s deep integration of advanced technology into every aspect of its operations sets it apart in the cyber insurance landscape. Coalition Control, an AI-powered risk management platform, is at the heart of this technological ecosystem. This platform offers comprehensive attack surface monitoring, risk assessment and impact analysis, and step-by-step remediation guidance. By providing these tools to its clients, Coalition empowers businesses to proactively manage their cyber risks.
Supporting Coalition Control is the Active Data Graph, a sophisticated artificial intelligence system that collects and analyzes data across the public and dark web. This provides a comprehensive picture of cyber risk, allowing for more accurate risk assessment and targeted mitigation strategies.
The company’s commitment to technological innovation is further exemplified by Coalition AI, which integrates with Coalition Control to enhance threat detection, assessment, and mitigation capabilities. This AI-driven approach allows Coalition to stay ahead of emerging cyber threats and provide its clients with cutting-edge protection.
A Holistic Approach to Cyber Risk Management
Coalition’s offerings extend beyond technology. Through its Security Labs division, the company maintains an in-house team of security experts. This team of researchers, threat analysts, and incident responders provides an additional layer of expertise and support to Coalition’s clients.
Coalition offers Managed Detection & Response (MDR) services for businesses requiring more intensive security monitoring. This service provides around-the-clock monitoring of network environments, ensuring rapid response to potential threats.
Comprehensive Insurance Products
Coalition’s insurance offerings are designed to address a wide range of digital risks modern businesses face. Its flagship product, Active Cyber Insurance, provides comprehensive coverage for cyber risks, including breach response costs, business interruption, and cyber extortion.
Recognizing its clients’ diverse needs, Coalition also offers Active Tech E&O coverage for claims arising from technology services or products, Executive Risks coverage, including Directors & Officers (D&O) and Employment Practices Liability (EPL), Excess Cyber Coverage for additional layers of protection, and Miscellaneous Professional Liability coverage for professional services-related risks.
The Active Insurance Advantage
Coalition’s Active Insurance approach represents a paradigm shift in the cyber insurance industry. Unlike traditional insurers that rely on point-in-time assessments and historical data, Coalition provides continuous monitoring and real-time risk assessments. This allows for more accurate underwriting and enables clients to address potential vulnerabilities before they can be exploited.
The company’s proactive stance extends to its claims process as well. Coalition boasts an average 5-minute response time to cyber incidents, ensuring that clients receive rapid support when they need it most. This quick response can be crucial in mitigating the impact of a cyber-attack.
Coalition’s policies offer coverage of up to $15 million for financial, tangible, and intangible damage, providing comprehensive protection for businesses. Moreover, the company offers integrated support throughout the insurance life cycle, from quoting and binding to claims and renewal, ensuring a seamless experience for its clients.
Global Expansion
While Coalition began its operations in the United States, it has since expanded its reach to include the United Kingdom, Australia, Canada, and Germany. This global presence allows Coalition to serve a diverse range of clients and adapt its offerings to meet different markets’ specific needs and regulatory requirements.
Redefining Cyber Risk Management
In conclusion, Coalition has established itself as a pioneer in the cyber insurance industry through its innovative Active Insurance model. By combining comprehensive insurance coverage with proactive cybersecurity tools and leveraging advanced technology, Coalition offers a unique and effective approach to managing digital risks.
As businesses continue to face evolving cyber threats, Coalition’s data-driven, proactive approach to risk management positions it as a leader in the industry. Its rapid growth, substantial financial backing, and commitment to technological innovation suggest that Coalition is well-positioned to continue shaping the future of cyber insurance and risk management in the digital age.
This description provides general information on cyber insurance and does not cover all specifics; actual coverage will depend on the terms of your individual policy.
Proactive Defense Against Digital Threats
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Coalition Breakthrough Data and Technology
Coalition offers a unique approach to cyber insurance, leveraging advanced technology and data analytics to provide more comprehensive protection for businesses. Their underwriting process begins with just a client’s web domain, from which they gather extensive data on the company’s digital risk profile, including connected systems, software, networks, and vendors. Coalition also proactively collects information from hacker forums and uses honeypots to study emerging threats. AI and machine learning create a holistic picture of each client’s risk, enabling more accurate pricing and tailored coverage. The company’s active insurance approach continues after policy binding, with ongoing monitoring and protection through its Coalition Control platform. This proactive strategy has resulted in Coalition policyholders experiencing 64% fewer claims than the industry average, demonstrating the effectiveness of their data-driven, security-focused approach to cyber insurance.
Improve Cyber Risk Management
Coalition Control is an AI-powered risk management platform that helps businesses proactively detect, assess, and mitigate cyber threats. It offers a comprehensive view of an organization’s digital footprint and personalized risk scores and prioritizes threats based on their potential impact. The platform includes an AI security co-pilot for understanding security findings and a checklist for enhancing cybersecurity posture. By leveraging advanced scanning technology, Coalition Control equips businesses with the tools to manage cyber risks effectively and prevent attacks.
Getting More Proactive with Cybersecurity
Coalition discusses the challenges small to medium-sized organizations face in cybersecurity. The speaker emphasizes that many such entities are overly focused on day-to-day reactive measures, such as responding to alerts, at the expense of proactive strategies. They argue that these organizations often neglect crucial aspects like threat intelligence and fail to fully utilize their existing resources to improve their security posture before incidents occur. The speaker suggests that implementing a Managed Detection and Response (MDR) service could be a solution, as it would free up capacity within the organization to concentrate on other important business aspects beyond immediate security concerns.