Cyber managing general agent (MGA) Coalition has launched its Active Cyber Insurance offering in Australia.
Active Cyber Insurance is a type of insurance that helps insured parties understand their cyber risk posture, improve defences and prevent cyberattacks.
The MGA’s cyber risk management platform, Coalition Control, offers alerts about existing vulnerabilities and emerging risks in real time.
Coalition Control identifies hazards by continuously scanning and monitoring before an issue escalates and causes major disruption to operations, the MGA explained.
In the event of a security breach, Coalition employs internal claims staff to assist companies in recovering from the event and returning to regular operations.
Allianz Australia will offer the capacity for Coalition’s insurance solution through a multi-year alliance.
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In addition to being Coalition’s strategic partner, Allianz provides capacity for the company’s cyber insurance offerings in the US and the UK.
After launching in the US in 2018, Canada in 2020 and the UK in 2022, Australia is now Coalition’s fourth global market.
Coalition said it will continue to grow its Australian branches, forming local teams for business development, underwriting, claims and incident response within the region.
Coalition CEO and co-founder Joshua Motta said: “In the last year alone, countless businesses in Australia have suffered high-profile cyberattacks, 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 specialise 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.”
Allianz Australia’s chief general manager of commercial Phuong Ly said: “Allianz is proud to partner with Coalition and 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 cyberattacks.”
Last month, MS&AD Insurance Group teamed up with Coalition to offer cybersecurity monitoring offerings in Japan.