Coalition Launches Cyber Insurance and Security Coverage in Canada

May 22, 2020

Coalition, the cyber insurance and security managing general agent, announced it is offering its products and services to Canada-based businesses.

The San Francisco-based company described the offering as proactive cyber-security products and services as well as cyber and technology error & omissions insurance.

Coalition will offer to clients up to C$20 million (US$14.4 million) of comprehensive insurance coverage, supported by the financial strength of Swiss Re, to companies with up to C$1 billion in annual revenue.

Coalition said its online platform enables licensed insurance brokers to generate a quote in minutes and also provide their clients with access to Coalition’s proprietary cyber-security tools and services that are designed to detect, mitigate, and contain threats at no additional cost.

Coalition this week announced it has raised $90 million in new venture financing to fuel development of new products and a global expansion.

Coalition said its global cyber-security platform provides businesses with risk management support, including help with preventing incidents in the first place, and support during and after a crisis.

“Cyber risk is a global problem in need of a global solution,” said Shawn Ram, head of Insurance at Coalition. “The future of cyber security and insurance are integrated solutions to protect against cyber incidents across all asset types. We’re excited to make this future a reality across the Canadian market.”

Coalition’s cyber solution includes:

  • Risk mitigation. Coalition provides free cyber-security tools to help businesses manage and mitigate cyber risk, and comprehensive cyber insurance to help them recover financially after an incident.
  • Incident response. All policyholders receive 24/7/365 access to Coalition’s in-house team of security and incident response experts. In addition, hand-picked partner firms (including public relations, legal, and crisis management experts) help client recover from cyber incidents.
  • Aligned incentives. Coalition is changing the paradigm in cybersecurity by aligning economic incentives with its customers. Unlike a traditional cybersecurity company, Coalition shares its customer’s incentives to prevent and mitigate losses.

In an emailed statement, Joshua Motta, CEO of Coalition, explained that Coalition has “aligned incentives” with customers because it is a cyber-security firm and an insurer.

“Unlike cyber-security companies, which have little to no liability if they fail to protect a customer’s network, Coalition has up to 15 million reasons to prevent a loss. If an organization is breached, we cover the loss up to the $15 million full policy limit, which means we’re deeply invested in helping our customers prevent cyber incidents, and mitigate them when they occur.”

Source: Coalition

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