Coalition expands cyber offering to Australia

Agency Coalition has launched a series of cyber products – Active Cyber Insurance – in Australia, on Allianz paper.

“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. Yet, only 20% of Australian SMEs currently have cyber insurance, and even fewer brokers specialise in the coverage area,” said Joshua Motta, Coalition’s CEO and co-founder. “

“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 combines assessment, protection, and response all in one place. Policyholders can receive a risk assessment to better understand their existing security posture and cyber defensive areas they should reinforce. Through Coalition Control, the company’s flagship cyber risk management platform, organisations can receive real-time alerts about current vulnerabilities and emerging threats through continuous scanning and monitoring to help identify risks before an incident can escalate and lead to significant business disruption. 

Lastly, if and when an attacker inevitably breaks through, Coalition offers an in-house claims team to help businesses quickly recover from an incident and get back to normal operations.

Capacity for Coalition’s offering is provided by a multi-year agreement with Allianz Australia. Allianz is a strategic partner for Coalition, also providing capacity for the company’s US and UK cyber insurance programs.

“Cyber risk is a significant threat impacting Australian businesses today,” said Phuong Ly, Chief General Manager, Commercial, at Allianz Australia. “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.”

“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,” said Scott Sayce, global head of Cyber at Allianz Commercial.

Coalition claims to offer comprehensive cyber coverage as the standard and said it covers most industries.