Cyber insurance provider Coalition has announced the expansion of its cybersecurity insurance offering in the US to large enterprise businesses with revenues up to $5 billion.
Coalition states that typically, enterprise businesses have a stronger cybersecurity posture than smaller organisations due to available resources, but they also have a much larger attack surface to monitor and defend.
Coalition’s Active Cyber Insurance provides additional layers of protection to these businesses, fitting into existing enterprise-scale security programs while also creating a backstop.
Further, the firm notes that implementing Active Insurance opens up more visibility into an organisation’s overall cyber risk posture, enabling the adoption and implementation of insurance less onerous and more dynamic when coupled with a more efficient underwriting process.
Coalition suggests that its increased capacity comes from a syndicated placement across many of its existing partners.
Shawn Ram, Head of Insurance at Coalition, commented, “By opening up our capacity to enterprise businesses with $5 billion in revenue, we are widening the field of companies we can protect.
“For the first time, enterprises can benefit from Coalition’s Active Insurance, a dynamic cyber protection system that resolves complex claims should they arise, but also works around the clock to prevent them in the first place.”
Tiago Henriques, Coalition’s Vice President of Security Research, added, “The truth is that no business or organization – regardless of size, resources or revenue – is immune to cyber attacks.
“Most large enterprises have the means to establish strong cybersecurity postures, but that should not preclude them from the benefits of adding cyber insurance to the mix. Cyber insurance should be a critical component of any company’s defense-in-depth strategy.”
This announcement follows research Coalition published at the beginning of the month, which suggested there was a 13% increase in average monthly Common Vulnerabilities and Exposures (CVEs) throughout 2022.
Based on data from the last ten years, Coalition predicts there will be more than 1,900 new CVEs per month in 2023, including 270 high-severity and 155 critical-severity vulnerabilities.
