After 25 years of continuous business operations, the business owner of a colocation and IT services firm awoke to discover that all of the company’s computer systems and data, including data belonging to the company’s customers, had been encrypted in an elaborate ransomware attack. Even worse, the ransomware encrypted the company’s backups as well. Unable to afford the 25 bitcoin ransom (equivalent to ~$200,000), the company was left with few options. Then they called Coalition.
Within minutes of receiving the company’s call, Coalition’s Security Incident Response team (SIRT) made contact with company employees to diagnose the damage and minimize further loss. After reviewing the company’s options, the company asked SIRT to help facilitate the decryption of the company’s data. In less than 24 hours SIRT worked with the Coalition claims team to secure bitcoin on the company’s behalf and facilitate the decryption of the company’s files. A member of SIRT was then present onsite to help restore the company’s files, perform forensics, and ultimately help the company protect against future attacks. Total time to resolution was 48 hours from initial compromise.
Fortunately, the insured’s cyber insurance policy with Coalition covered the business interruption loss, the forensic and data restoration costs, as well as the cyber extortion itself. The insured also purchased Technology Errors & Omissions coverage from Coalition to help the company recover from liability to impacted customers.
Unlike traditional insurance providers, Coalition provides emergency first response services to help organizations recover quickly from cyber incidents, and at no additional cost to the policy premium.
Under the heavy burden of increasing regulation, and following a less than stellar claims experience with a traditional insurer after a previous data breach, a Michigan-based healthcare organization turned to Coalition for both superior coverage, and help with regulatory compliance both nationally and on a global scale. The organization was looking for an insurance policy that:
After reviewing options with their insurance broker, they chose Coalition. And in addition to receiving superior coverage, they’ve re-written their security policies with help from Coalition’s Security Incident Response Team (SIRT), and are using Coalition’s included Employee Security Training and simulated phishing emails with every single member of their staff.
Coalition’s included security tools can reduce an organization’s costs to detect, recover, and contain a breach by over 40%, and are available to all policyholders at no additional cost.
INDUSTRY: Law Firm
We received a call that a client had lost $200,000 in a social engineering incident. A hacker sent a spoofed email to their controller, impersonating the company’s CFO, and the controller wired the funds to the bad actor. The company thought the funds were gone for good, but then they called Coalition.
Upon receiving the call, Coalition immediately began discussions with financial institutions and law enforcement. As a result of Coalition’s urgency and relationships, $150,000 of the $200,000 was recovered within 24 hours of receiving the call. The money was returned to the client, and they were able to quickly get back to business. Their insurance policy with Coalition covered the remainder of the lost funds. Coalition’s Security team also helped the company put two-factor authentication practices in place, to ensure a second person at the firm signed off on all significant wire transfers.
Unlike traditional insurance companies, Coalition has the relationships and know-how to recover funds even after they’re out the door. For many policyholders, we’re able to recover all of the funds lost -- helping them avoid a claim entirely!
One of Coalition’s policyholders, a manufacturer that produces industrial components, experienced a cyber attack on their industrial control systems (ICS). The company’s system controlled their production line, and when the hacker gained remote control of the ICS, they inflicted significant damage on the production equipment and destroyed the in-process components.
Thankfully, the company was insured by Coalition, and their Bodily Injury and Property Damage and Business Interruption coverages went into effect. Even better, Coalition’s Security Incident Response Team (SIRT) helped them regain control of their systems and secure their network to prevent another attack from occurring.
Coalition’s industry-leading policy provides coverage for the real exposures businesses face and that other carriers don’t cover. With the broadest coverage and proactive cybersecurity tools, you’re safer with Coalition.