Coalition Cyber Insurance Review

Coalition is a leading cyber insurance provider in the U.S with plans to enter the UK market soon. Here is a closer look at what they currently offer stateside and what UK businesses might expect when their policies become available in the UK.

What does Coalitions Cyber Security cover offer in the US?

Coalition cyber security has a unique partnership with public authorities and the private sector in the U.S. it has allowed a joint force in fighting against cyber incidents.

These sectors have active members contributing and supporting Coalition helping to improve the cover they offer to U.S. businesses from any potential threats.

Coalition 1st Party Liability Cover in the U.S

Some of the key policy areas available from Coalition in the U.S. currently include:

  • Computer Replacement: The cost is covered to replace your computer and systems if it is impacted by malware.
  • Fund Transfer Fraud: Fund loss incurred from security failure is covered by the policy up to the chosen policy limit.
  • Service Fraud: Additional amounts you are billed by a cloud or telephony provider when you incur fraudulent charges are covered by the policy.
  • Digital Asset Restoration: The cost to replace, restore, or recreate your digital assets that are damaged or lost following a cyber-attack.

Coalition 3rd Party Liability Cover in the U.S.

In addition to their first party protection, Coalition also offers the following third party coverage in the U.S.:

  • Network and information security liability
  • Regulatory defence and penalties
  • Multimedia content liability
  • Cover expenses to defend any damages resulting from your liability to a 3rd party
  • Bodily injury and property damage
  • Technology errors and omissions

Included with all Coalition cyber policies:

All U.S. businesses also get the following benefits with a Coalition cyber insurance policy:

  • Worldwide Coverage: Protection no matter where you are trading worldwide
  • Cyber Terrorism: Coverage includes protection from acts of cyber terrorism
  • Internet of Things: Coverage for all of your IoT devices
  • Social Media: Coverage for all social media accounts

What sectors are covered by Coalition Cyber insurance?

Coalition provides a wide range of expertise to keep businesses trading in a wide range of industries safe. The different types of industries they provide cover for are:

  • Healthcare
  • Public Sector
  • Real Estate
  • Manufacturing
  • Legal
  • E-Commerce
  • Energy
  • Non-profit and charities
  • Technology
  • Cryptocurrency

Ransomware coverage from Coalition

Ransomware is a growing problem for businesses globally, and Coalition offer several policy benefits for their U.S. businesses.

Coalition provides free advanced ransomware tools for all policyholders and here are their reasons why:

  • 95% of passwords exposed are from small and midsize businesses
  • 90% of ransomware attacks are caused by unauthorised remote access to a corporate computer or electronic device
  • There has been a 7% increase in the average ransom demand in 2020, with this only expected to increase in the coming years

Coalition Endpoint Detection & Response

To help business owners guard against cyber threats, Coalition also offers dedicated Endpoint Detection and Response or EDR.

EDR helps protects policyholders from attacks like malware, ransomware, and other common cyber exploits and it includes:

  • Real-time monitoring across every endpoint: Including continuous monitoring across every device your businesses has.
  • Proactive threat detection and prevention: Regular ransomware scans are conducted by Coalitions EDR service.
  • Exclusive Coalition discount: All U.S. policyholders have access to discounts on EDR software and other services.

If your business uses a large number of internet-enabled devices or cloud-based services, paying extra for EDR may be an option worth careful consideration.  

Coalition Cyber Insurance FAQs

What if I discover a breach out of your office hours?

You can contact coalition 24/7/365, they are available around the clock to assist you before, during, or after an incident.

What if a breach results in me losing a lot of business data?

Coalition can recover deleted or lost data and help restore data from damaged digital devices.

How do I get a risk assessment done?

With Coalition your first risk assessment is free, you can check it out on the Coalition Control website.

I have had a cyber incident or breach in the past, can I still buy cyber insurance?

Yes, Coalition’s underwriting process in the U.S. considers previous incidents and breaches but does not immediately disqualify you from coverage. Once Coalition enters the UK market you should still be able to get a quote.

Is Coalition cyber insurance expensive?

No, not at all, depending on the coverages, limits, and the retentions you select, Coalition cover in the U.S. can cost as little as $50 per year.  

When will Coalition offer cyber insurance to UK businesses?

This has yet to be announced but recruitment for a UK based cyber team has already started.

Martin Lane
Written by Martin Lane, Head of Content

Cyber insurance buying guide for SME’s

2021

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