A new cybersecurity solutions company has launched this week.
Coalition announced its entrance into the market on Tuesday (Dec. 5) with a focus on small- and medium-sized businesses (SMBs). In addition to its official start of operations, Coalition also said it is now offering cyber insurance products to SMBs in addition to its cybersecurity offerings.
“Cybersecurity is broken,” said Coalition CEO Joshua Motta in a statement. “We’ve experienced firsthand the difficulty of protecting an organization from constantly evolving cyber and technological threats. From systems failure to hacking, human error to denial of service attacks, no amount of investment in defenses has solved the problem. Our insurance-enabled, technology-driven platform addresses these risk management gaps for SMBs to help them prevent losses and remain resilient should the worst come to pass.”
The company combines cybersecurity and cyber insurance, offering small businesses coverage of up to $10 million. Its insurance products include one for cyber and one for technology errors to address risks apart from ransomware attacks, including system failure risks. Coalition operates an online platform through which insurance brokers can provide quotes and link SMBs to Coalition’s cybersecurity apps.
According to the release, the company’s staff includes professionals from the U.S. Intelligence Community, as well as members who have helped develop solutions, including OpenDNS and Cloudflare.
“Unlike other cybersecurity firms, Coalition shares its customers’ financial incentive to prevent and mitigate losses,” Motta continued. “We are fortunate to join forces with two insurance industry leaders — Swiss Re Corporate Solutions and Argo — who support our vision for harnessing the best cyber expertise with the safety of insurance to provide the first truly holistic approach to cyber risk.”
Through working with Swiss Re Corporate Solutions and Argo, Coalition said it is able to focus on customer acquisition and expansion of its services.
“For the majority of business owners, cybersecurity is simply too expensive and complex,” said Coalition Co-Founder John Hering. “We believe that cybersecurity should be a public good, and we intend to democratize access to the technology SMBs need to manage cyber risk.”