Cyber insurance specialist Coalition has completed a $40m funding round to further expand technology platform to help small and midsize businesses mitigate their cyber risk.

The funding round was led by Ribbit Capital with participation from Greenoaks Capital and Hillhouse Capital.

New funding, according to Coalition, will be used on its global, internet-scale data platform that assesses hundreds of millions of data points to assess organisations’ risk within minutes.

Coalition noted that it will expand its global platform to deliver cybersecurity risk management tools to any organisation free of cost.

The company said that the fund will also be invested to hire engineering and incident response experts over the next year.

Coalition CEO and co-founder Joshua Motta said: “Cyber losses cost the global economy an estimated $1.5 trillion each year, forcing thousands of SMBs to close their doors after experiencing a security failure.

“Outdated approaches to cybersecurity aren’t working. While companies can’t eliminate cyber risk, they can eliminate the cost of it.”

Companies leverage Coalition’s complete insurance coverage and cybersecurity tools to protect themselves from cyber risk including coverage for network breaches, systems failures, ransomware, business interruption, funds transfer fraud, privacy liability, regulatory fines and penalties, property damage, and more.

Coalition is backed by Swiss Re Corporate Solutions and Argo Group. The company offers up to $10m of cyber and technology insurance coverage in all the 50 US states and the District of Columbia.