Australian cyber insurance cover buyers will now be able to buy and make use of innovative active cyber insurance products. The US based cyber managing general agent and cyber security firm Coalition, will now offer its innovative active cyber insurance products to Australian buyers too.
Active cyber insurance works with organizations to help them understand their cyber risk profiles, improve their defences and prevent future attacks. Policyholders receive a risk assessment to better understand their existing security posture and cyber defensive areas they should reinforce.
Coalition’s cyber risk management platform Coalition Control receives and communicates 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 of Coalition, also providing capacity for the company’s US and UK cyber insurance programmes.
Coalition CEO and co-founder Joshua Motta said, “In the last year alone, countless businesses in Australia have suffered high-profile cyber attacks, affecting millions of Australians and pushing cyber security 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.”
“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,” said Mr. Motta.
Allianz Australia chief general manager Phung Ly said, “Cyber risk is a significant threat impacting Australian businesses today. Allianz and Coalition partnership will 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.
Allianz Commercial global head of cyber Scott Sayce said, “Early detection and effective response capabilities will be important for our customers as threat actors continue to exploit vulnerabilities.”