The insurance offering is designed to provide more than just risk transfer, actively assisting organisations in understanding their cyber risk profiles, enhancing cybersecurity defences, and proactively preventing future cyberattacks.
Australia has faced a surge in high-profile cyber incidents in recent years, affecting millions of individuals and sparking widespread discussions on cybersecurity and data privacy. Despite the growing threat landscape, only 20% of Australian SMEs currently possess cyber insurance, and there is a noted lack of expertise in this field among insurance brokers.
Coalition’s entry into the Australian market aims to address this critical gap by offering a comprehensive solution that not only detects and assesses cyber risks but also responds to and ultimately prevents them. The company’s innovative approach seeks to empower organizations in actively managing and mitigating their cyber risks, contributing to a more resilient and secure digital landscape in Australia.
Through the use of Coalition Control™, an advanced cyber risk management platform, organisations will receive real-time alerts regarding existing vulnerabilities and emerging threats. This continuous monitoring enables proactive identification of risks before they escalate into significant disruptions.
In the event of a cyberattack, Active Insurance provides policyholders with access to an in-house claims team dedicated to expediting recovery and swiftly restoring normal operations.
The capacity for Active Insurance’s offerings in Australia stems from a multi-year agreement with Allianz Australia. Allianz, a key strategic partner of Active Insurance, also contributes capacity to the company’s cyber insurance programs in the US and the UK.
Speaking about the launch, Joshua Motta, Coalition’s Chief Executive Officer and co-founder, stated, “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. We are excited to bring our unique and innovative solution to brokers and their clients and to be a partner in helping businesses before, during, and after a cyber incident.”
Phuong Ly, Chief General Manager, Commercial, at Allianz Australia, noted: “Cyber risk is a significant threat impacting Australian businesses today. 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 cyber-attacks.”
Scott Sayce, Global Head of Cyber at Allianz Commercial, added, “The last months witnessed the continuation of growing cyber threats. Early detection and effective response capabilities will be key for our customers as threat actors continue to exploit vulnerabilities. In partnership with Coalition, our customers will be able to reinforce their cyber controls and resilience.”
Author: Joanna England
