Cyber insurance startup Coalition has broadened its global footprint by extending its operations into Australia through a strategic alliance with Allianz (ETR:ALVG) Australia. The expansion, which adds to Coalition's existing operations in the US, UK, and Canada, enables Australian broker partners to offer Coalition's Cyber Insurance and Tech E&O Insurance to businesses with turnovers up to $2 billion.
In a bid to fortify the digital economy against cyber threats, Coalition's active cyber insurance products have been introduced in Australia, backed by Allianz Australia. These products are designed to help businesses understand their cyber risk profiles and bolster their defenses.
Using its proprietary security risk management technology, Coalition found that only 20% of over 1,000 surveyed Australian small and medium-sized enterprises (SMEs) have cyber insurance. This finding underscores a national conversation about high-profile cyber-attacks and data privacy in Australia.
To address this gap, Coalition offers its Active Cyber Insurance as a comprehensive solution providing active security protection against cyber threats. The Active Insurance package offers policyholders an in-depth risk assessment to understand their current security status and areas that need enhancement. It also provides real-time alerts about potential threats through continuous monitoring and scanning. An in-house claims team is available to aid in rapid recovery from cyber incidents.
Phuong Ly of Allianz Australia confirmed their joint commitment with the Coalition to safeguarding Australian businesses from future cyber risks. The partnership also allows Australian brokers to offer tech E&O insurance coverages, a part of Coalition's active insurance suite.
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