The Source for Cyber Insurance News, Insights and Data
Active Insurance provider Coalition has unveiled its latest offering, Miscellaneous Professional Liability (MPL) Insurance. “Instead of going to multiple insurers or working with multiple underwriters, brokers can come to Coalition for quotes for Cyber and MPL coverage,” said Shawn Ram, Coalition’s Head of Insurance. This move is a response to the rapidly expanding professional services … Read more
“‘CISOs think when an event comes, they know exactly what to do. But I would say the majority don’t,’ (Catherine Lyle, head of claims at Coalition) said. ‘Having tabletop exercises and incident response plans are important, and they don’t have to be super intense. Just know who you have to call when something’s gone wrong. … Read more
“(O)verall claims frequency decreased by 22% year-over-year. Furthermore, Coalition policyholders experienced 64% fewer claims than the broader cyber market1, with 47% of reported events handled with no cost to the policyholder A less-sophisticated crime, funds transfer fraud (FTF) unseated ransomware as the leading event type, accounting for nearly one-third of all claims. Notably, ransomware saw … Read more
Interesting that the first announced application is for enhanced broker and customer service, versus direct cyber risk purposes. The InsurTech cyber insurance provider does note it’s working on AI-related cyber vulnerabilities. “’AI is already reshaping the cyber risk landscape,’ said Tiago Henriques, vice president of security research at Coalition. ‘While we are applying our AI … Read more
“Built on Coalition’s proprietary data collection platform and knowledge graph, which captures 48 trillion monthly events, the Active Cyber Risk Model offers a more accurate picture of cyber risk for organizations and the broader economy. In a simulation modeled against a sampling of 5,000 American companies, Coalition found that a one-in-250-year cyber event could cost … Read more