The amount of time to respond to a cyber threat can be the difference between a non-event or a compromise of your client's entire network.
It takes a cyberattacker one hour and 58 minutes to “jump from the machine that's initially compromised and move laterally through your network," according to CrowdStrike. IT and security professionals should follow the “1-10-60" rule to successfully mitigate breaches before damage is caused to their network and organization—one minute to detect an incident, 10 minutes to investigate the legitimacy of the incident and determine next steps, and 60 minutes to remediate.
This may be an unrealistic goal, even for fully staffed IT departments. Smaller businesses without in-house technical expertise or resources to retain cybersecurity professionals and legal counsel on a 24/7 basis are at even more of a disadvantage.
And that's where your clients can benefit from Coalition's Claims and Incident Response team. Coalition suggests policyholders report incidents early and often. Unlike other cyber carriers, there is no harm in reporting a matter to Coalition that doesn't trigger coverage under the policy. Almost half of incidences reported are resolved without opening a claim. The policyholder does not incur any expenses, limits of liability are not eroded, and does not affect loss runs when it comes time to renew their insurance coverage.
Coalition aims to respond to reported matters in seconds. Incidents can be reported through a toll free 24/7 claims hotline, chat function or email. Emails and phone calls do not go to a call center or third-party vendor—your client speak immediately with knowledgeable claims professionals and attorneys who will triage and assist with the incident right away.
Coalition's cyber liability products can be quoted through Big “I" Markets, the online market access system available exclusively to Big “I" members. Limits up to $15 million can be offered to commercial risks with up to $1 billion in revenue. Coalition's products are offered with the financial security of Swiss Re Corporate Solutions, Argo Pro U.S. and Lloyd's of London.
Reach out to Carla McGee, Big “I" Markets cyber liability program manager, if you have any questions or would like to walk through a quote.