Coalition launches active cyber insurance in Australia
Cyber managing general agent (MGA) Coalition has launched its suite of innovative active cyber insurance products in Australia.
Capacity for Coalition’s offering is provided by a multi-year agreement with Allianz Australia. Allianz is a strategic partner of Coalition, also providing capacity for the company’s US and UK cyber insurance programmes.
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.
Australia is Coalition’s fourth global market, having launched in the US in 2018, Canada in 2020, and the UK in 2022. The company plans to continue expanding its Australian offices, building local business development, underwriting, claims, and incident response teams in the region.
Joshua Motta, Coalition’s chief executive officer and co-founder, said: “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. 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.”
Phuong Ly, chief general manager, commercial, at Allianz Australia, said: “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, added: “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.”
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