Cyber risk insurance solution provider Coalition launched today with its cyber solutions backed by capacity from Swiss Re Corporate Solutions and Argo Group.
Coalition was co-founded by technology entrepreneurs Joshua Motta and John Hering, and provides a full range of cybersecurity products for small to midsize businesses (SMBs) as well as comprehensive cyber and technology error & omissions insurance of up to $10 million of coverage.
CEO of Coalition, Motta, said; “cybersecurity is broken. We’ve experienced first-hand the difficulty of protecting an organization from constantly evolving cyber and technological threats.
“From systems failure to hacking, human error to denial of service attacks, no amount of investment in defences has solved the problem. Our insurance-enabled, technology-driven platform addresses these risk management gaps for SMBs to help them prevent losses and remain resilient should the worst come to pass.”
Coalition operates through an online platform which allows brokers to quickly generate a quote.
SMB clients can also mitigate their cyber risk with Coalition’s proprietary cybersecurity apps that are designed to detect, manage and mitigate threats.
“Unlike other cybersecurity firms, Coalition shares its customers’ financial incentive to prevent and mitigate losses,” Motta said, “we are fortunate to join forces with two insurance industry leaders – Swiss Re Corporate Solutions and Argo – who support our vision for harnessing the best cyber expertise with the safety of insurance to provide the first truly holistic approach to cyber risk.”
Coalition’s team includes technology entrepreneurs and executives that helped build Cloudflare, Lookout and OpenDNS, former members of the US Intelligence Community and cyber insurance innovators.
Coalition will also be offering two proprietary insurance products—one for cyber and one for technology errors & omissions—to address emerging risks such as social engineering, systems failure, internet of things (IoT) devices, and even physical cyber attacks.
“For the majority of business owners, cybersecurity is simply too expensive and complex,” said Hering, co-founder of Coalition; “we believe that cybersecurity should be a public good, and we intend to democratize access to the technology SMBs need to manage cyber risk.”