Cyber Insurance provider Coalition has launched in Australia its suite of active insurance products with the backing from Allianz Australia. Active cyber insurance is a type of insurance that serves as a protection for the digital economy. It helps organisations in understanding their cyber risk profiles as well as learn how to improve their defences and ways to prevent cyber attacks.
“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,” said Joshua Motta, CEO and co-founder of Coalition. “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.”
Coalition leveraged its security risk management technology to analyse more than 1,000 Australian SMEs, discovering that only about 20% of them have cyber insurance.
With active insurance, policyholders get to receive a risk assessment for a better understanding of their current security posture and learn cyber defensive areas they should reinforce. Organisations can also receive real-time alerts about vulnerabilities and potential threats through round-the-clock scanning and monitoring. Further, this helps to identify risks before an incident can escalate and lead to significant business disruption. Coalition has an in-house claims team that helps businesses to quickly recover from an incident should attackers get to break through.
“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,” said Phuong Ly, chief general manager of commercial at Allianz Australia.
“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 has a streamlined and efficient quoting process with an end-to-end platform so that brokers can easily generate bindable quotes. Australian brokers can now offer Coalition cyber insurance and tech E&O insurance coverages, with up to $2 billion in turnover and no minimum premium. To learn more, visit: https://www.coalitioninc.com/au/.
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