As cybercrime costs in Canada soar to a staggering 3.82 billion U.S. dollars in 2023, with projections to hit nearly 4.78 billion by 2028, it seems the nation might soon be singing “O-My-Canada” instead of its proud anthem. This alarming financial trajectory, detailed in a March 2024 report by Statista, highlights the urgent need for fortified cyber insurance and security solutions. With that in mind, Coalition, a frontrunner in Active Insurance aimed at preempting digital risks, has announced an expansion of its cyber insurance services to cater to larger enterprise businesses across Canada, including those with revenues up to CAD 5 billion. This new coverage isn’t available in the province of Quebec.
“Cyber Exposure”
Kelly McGuinness, Coalition’s Team Lead for Canada, spoke about the significance of this expansion. “This expansion to enterprise-sized businesses means Coalition can offer all the benefits of Active Insurance to customers with much larger attack surface to defend and, therefore, greater cyber exposures,” McGuinness remarked. She emphasized that larger businesses now have the chance to benefit from Coalition’s comprehensive cyber defense system, which merges active risk assessments, proactive threat mitigation, expert incident response, and extensive cyber coverage.
Coalition Insurance Solutions Canada, Inc. (CIS Canada) policy offerings include expert-led onboarding calls, Tabletop Exercises for training in incident response, and dedicated Security Services from Coalition Incident Response. This development not only extends CIS Canada’s underwriting reach beyond its previous cap of $1 billion due to a syndicated placement among its partners but also maintains its scope to both primary and excess programs. This expansion opens up new avenues for brokers to connect large enterprises with cyber insurance solutions, making it a noteworthy step towards tackling the growing cybercrime challenge in Canada.
Source: Coalition Expands Active Insurance Offering to Canadian Enterprises With Up to $5B in Revenue.
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