Coalition has introduced its suite of Active Cyber Insurance products in Australia.
This insurance offering is designed to go beyond risk transfer, actively assisting organisations in understanding their cyber risk profiles, enhancing their cybersecurity defenses, and proactively preventing future cyberattacks, the company said.
In recent years, Australia has witnessed numerous high-profile cyber incidents, impacting millions of individuals and prompting cybersecurity and data privacy discussions nationwide.
Surprisingly, only 20% of Australian SMEs currently hold cyber insurance, and expertise in this field among insurance brokers is limited, the company noted.
Coalition’s entry into the Australian market aims to address this pressing need for a comprehensive solution that can detect, assess, respond to, and ultimately prevent cyber risks.
Joshua Motta, Coalition’s Chief Executive Officer and co-founder, stated, “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.”
Active Insurance offers a holistic approach that combines risk assessment, protection, and response within a single platform. Policyholders receive a risk assessment to evaluate their current security posture and identify areas in need of reinforcement.
Through Coalition Control™, an advanced cyber risk management platform, organisations gain access to real-time alerts about existing vulnerabilities and emerging threats. This continuous monitoring helps them identify risks before they escalate into significant disruptions.
Additionally, in the unfortunate event of a cyberattack, Coalition offers an in-house claims team to expedite recovery and restore normal operations swiftly.
Capacity for Coalition’s offering in Australia is provided through a multi-year agreement with Allianz Australia. Allianz, a strategic partner of Coalition, also contributes capacity for the company’s cyber insurance programs in the U.S. and the U.K.
Phuong Ly, Chief General Manager, Commercial, at Allianz Australia, emphasised the significance of cyber risk, stating, “Cyber risk is a significant threat impacting Australian businesses today. 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.”
Scott Sayce, Global Head of Cyber at Allianz Commercial, noted, “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.”
