Cyber insurance and security company Coalition has announced that it will enter the excess cyber insurance market to help protect middle market businesses.
Coalition will extend its reach beyond offering primary insurance coverage to provide brokers with excess cyber liability and technology errors & omissions insurance for middle market accounts in the United States with up to $10 million in aggregate limits.
This new surplus lines capacity is backed by the financial security of Lloyd’s.
“Cyber risk for middle market businesses is growing significantly as they heavily rely on technology for all aspects of their operations,” said Shawn Ram, Head of Insurance at Coalition.
“Unfortunately, they remain severely underinsured and under-prepared to manage these risks and are left vulnerable without the tools to protect themselves. By including Coalition on a tower as an excess insurer, brokers now have more options to protect their clients with cybersecurity once accessible only to national governments and large enterprises,” Ram continued.
“Adding excess insurance to our offering moves us one step closer in our mission to solve cyber risk and we will continue to pursue opportunities to provide free cybersecurity tools to under-protected businesses throughout the world.”
Coalition’s BinaryEdge platform scans the global Internet, maps the Internet attack surface of any organisation, and provides real-time threat intelligence to help reduce cyber risk.