Coalition, a pioneer in active insurance designed to preempt digital threats, unveiled its Active Cyber Insurance products in Australia. These products go beyond mere risk transfer, serving as an innovative solution tailored for the digital age. They collaborate with organizations to analyze cyber risk profiles, bolster their defenses, and avert future attacks.
The need for such a solution in Australia becomes evident given the surge in high-profile cyberattacks affecting businesses and millions of individuals. Surprisingly, only 20% of Australian SMEs currently hold cyber insurance, with a scarcity of brokers specializing in this area. Joshua Motta, CEO and co-founder of Coalition, recognizes this gap and expressed eagerness to bring their unique solution to brokers and clients.
“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 specialize in the coverage area,” said Motta.
Active Insurance consolidates assessment, protection, and response under one roof. Policyholders can assess their security posture, bolster weak spots, and remain vigilant against emerging threats through Coalition Control™. In case a digital attacker breaches the defenses, Coalition provides an in-house claims team to expedite recovery.
Allianz Australia plays a pivotal role in providing capacity for Coalition’s offerings. Phuong Ly, Chief General Manager, Commercial, Allianz Australia, acknowledges the grave threat posed by cyber risks and is proud to partner with Coalition to safeguard Australian businesses against future attacks. “Cyber risk is a significant threat impacting Australian businesses today,” he said.
“Growing Cyber Threats”
Scott Sayce, Global Head of Cyber at Allianz Commercial, underlines the importance of early detection and effective response capabilities. “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 Sayce.
Coalition offers comprehensive cyber insurance coverage as a standard, ensuring that most industries can access this vital protection. Unlike competitors, Coalition simplifies the quoting process, making it accessible to new buyers and small businesses. They also offer extensive training materials and resources for brokers to advise clients effectively on cyber risk. This move by Coalition brings a much-needed proactive approach to the Australian insurance landscape, reinforcing digital defenses and reducing the risks of cyber incidents.
Source: Coalition Launches Active Cyber Insurance in Australia
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