New active cyber insurance launched by Coalition in Australia

Cyber Insurance - Australian Flag

Allianz Australia is providing the capacity for this new business solution for digital protection.

Coalition, a company that defines itself as the first provider of Active Insurance in the world, has announced the launch of its new cyber insurance solutions in Australia.

The solutions are composed of a suite of digital risk products that complement its prevention services.

The cyber insurance product is more than simply a transfer of risk. It is differentiating itself by working with organizations so that they will better understand their own risk profiles. This will allow them to enhance their defences for the prevention of attacks. That said, along with these steps, the coverage helps businesses to know that even if the worst happens despite their best efforts, they will have protection.

Cyber insurance - Cyber attack - digital

“In the last year alone, countless businesses in Australia have suffered high-profile cyber-attacks, affecting millions of Australians and pushing cybersecurity and data privacy to the forefront of the national conversation,” said CEO and co-founder of Coalition Joshua Motta. “Yet, only 20% of Australian SMEs currently have cyber insurance, and even fewer brokers specialise in the coverage area.”

The company feels that Australian businesses need a comprehensive cyber insurance solution.

“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,” explained Motta. “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.”

The suite offers businesses assessments, protections and responses in a single location. Policyholders are provided with their risk assessment so they can gain a better understanding of their current security level and the digital areas of defense that could benefit from reinforcement. The company’s Coalition Control flagship digital risk management platform then provides businesses with real-time alerts regarding emerging threats and current vulnerabilities based on continuous monitoring and scanning to spot risks before incidents have the opportunity to escalate and cause substantial business disruption.

That said, if an attacker does manage to break through the defenses, the in-house cyber insurance claims team supports businesses in rapidly recovering from the incident so they can return their operations to normal.

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