Includes actionable insights to reduce cyber risk using proprietary cyber insurance claims data
SAN FRANCISCO — November 5, 2019 — Coalition, the leading cyber insurance company for small and midsize businesses, today announced the launch of a free, publicly available cybersecurity and risk assessment tool that assesses the expected probability and severity of a security incident for a company. Using Coalition’s proprietary underwriting platform and claims data, the Cyber Risk Assessment evaluates an organization’s cybersecurity standing relative to other Coalition policyholders, and provides clear cut steps for companies to reduce their risk. The assessment alerts companies about critical software vulnerabilities, exposed databases and infrastructure, malware infections, and lookalike domain registrations, and provides tailored security recommendations to prevent ransomware, data breaches, and social engineering attacks, among other features. Coalition policyholders taking these proactive steps experience less than half the frequency of cyber insurance claims as the overall market, per data from the NAIC.
Technological and cyber risks are now among the most pervasive risks facing businesses. Despite an estimated $130 billion spent annually on cybersecurity technology and defenses, cyber-related losses for businesses are growing exponentially. Not only are many SMBs unable to afford to defend themselves, they are also the least equipped to respond to an incident. By democratizing access to tools that prevent and mitigate loss for businesses, and helping them recover even when their security fails, Coalition is changing the way cyber risk is managed. This means supporting companies throughout the entire lifecycle of their risk exposure — before, during, and after an incident. With the new Cyber Risk Assessment tool, Coalition is expanding its reach to help all companies reduce their exposure and prevent cyber incidents.
“The mission of Coalition has always been to solve cyber risk,” said Joshua Motta, founder & CEO of Coalition. “This means not only helping companies prevent security incidents, but also helping them survive them. This free tool is the first of many we hope to make available to the broader business community.”
Unlike traditional security assessments that provide scores or grades with little or no specific direction on how to improve security, Coalition’s Cyber Risk Assessment includes a ranking that measures a company’s likelihood of a cyber incident based on its similarity to companies having previously filed a cyber insurance claim, along with actionable recommendations that are observed to have drastically lowered the probability of criminal targeting and cybersecurity failures.
To get a personalized Cyber Risk Assessment, a company simply needs to provide their business email, company name, and industry, and the assessment is generated automatically and sent to their business email. Companies are not required to register or create an account, but are required to provide an email address with the domain name to be scanned as a security precaution to ensure that users can only scan domains with which they are associated. Once the necessary information is entered into the tool, a risk assessment is typically sent to the individual’s email in under one minute.
To learn more about Coalition’s Cyber Risk Assessment, visit https://security.coalitioninc.com/.
Coalition, the fastest-growing provider of cyber insurance in the United States, combines comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by A+/A rated insurers Swiss Re Corporate Solutions, Lloyd’s of London, and Argo Group, Coalition provides companies with up to $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia. Coalition’s cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Coalition is headquartered in San Francisco.