Cyber threat is a daunting risk for every small and midsized business today. Your clients may think their businesses are too small to be impacted, but the scary truth is that a staggering one in five small to midsize businesses will someday fall victim to a cyberattack—and 60% of those that do will shut down within six months, according to the National Cyber Security Alliance.
Despite over $90 billion of annual consumer and business spending on cybersecurity defense, the problem is only growing. Unfortunately, the state of the cyber world is that nothing is, or will ever be, 100% secure—and no one can defend themselves 100% of the time. Cyber risk management is a must for all organizations, no matter their size.
In July, the Big “I" announced a new partnership with Coalition, a powerful ally in the cybersecurity battle. You can now offer your clients access to world-class cybersecurity services to help them mitigate risk, and tailored insurance products to protect them against a breach.
In a competitive marketplace, what makes Coalition stand out? For starters, the company was founded by a team of leading cybersecurity experts who built Coalition to solve cyber risk by mitigating cyber threats, with comprehensive insurance coverage and free cybersecurity apps. Here are four more qualities that make Coalition so powerful:
1) Underwriting engine: Coalition scans publicly available information, collecting tens of thousands of signals and correlating this to selected insuring agreements. This all happens in seconds to ensure an efficient process where you can rate, quote, bind and obtain a policy in under four minutes!
2) Comprehensive coverages: Coalition offers full limits across all coverages, including funds transfer, fraud and social engineering, bodily injury, property damage, and contingent business interruption. The company also offers a variety of unique coverages, including its new Breach Response Separate Limits endorsement, which provides additional coverage for breach response costs by moving these costs outside of the aggregate limit.
3) Risk management tools: Coalition's cyber risk management platform provides automated security alerts, threat intelligence, ongoing monitoring and expert guidance, among other tools—all available at no additional cost.
4) Claims approach: From pre-breach support to incident containment and recovery, Coalition's insurance and security experts are ready to help. In the event of a breach, Coalition's cyber team provides rapid response to mitigate risk at no additional cost.