Coalition, the leading cyber insurance and security company in the US, today announced it is expanding its offering to Canada-based companies, providing proactive cybersecurity products and services and best-in-class cyber and technology error & omissions insurance to help keep businesses safe. Coalition will offer up to CAD $20 million of comprehensive insurance coverage supported by the financial strength of Swiss Re (A.M. Best A+) to companies with up to CAD $1 billion in annual revenue. Through Coalition’s online platform, licensed insurance brokers are able to generate a quote in minutes and also provide their clients with access to Coalition’s proprietary cybersecurity tools and services that are designed to detect, mitigate, and contain threats at no additional cost.
Cyber threats know no boundaries — technology has introduced a range of new threats to businesses irrespective of their location that are not well covered by traditional insurers. Coalition’s global cybersecurity platform provides businesses the risk management support they need most, including help preventing incidents in the first place, and support during and after a crisis. With this expansion, Coalition is proud to advance its mission to solve cyber risktogether with Canadian businesses by not only helping to prevent cyber attacks, but helping businesses survive them when they occur.
“Cyber risk is a global problem in need of a global solution,” said Shawn Ram, Head of Insurance at Coalition. “The future of cyber security and insurance are integrated solutions to protect against cyber incidents across all asset types. We’re excited to make this future a reality across the Canadian market.”
Coalition’s approach to cyber insurance is rooted in risk management and mitigation, bringing together cyber security expertise with the safety of insurance to provide the first truly holistic approach to solve cyber risk:
Risk mitigation: Coalition provides free cybersecurity tools to help businesses manage and mitigate cyber risk, and comprehensive cyber insurance to help them recover after an incident. Coalition’s comprehensive solution helps companies improve their cybersecurity, mitigate incidents when they occur, and help companies recover financially in the aftermath.
Superior claims handling and incident response: all policyholders receive 24/7/365 access to Coalition’s in-house team of security and incident response experts. Together with hand-picked partner firms (including public relations, legal, and crisis management experts), Coalition stands ready to help organizations quickly recover from a cyber incident.
Aligned incentives: Coalition is changing the paradigm in cybersecurity by aligning economic incentives with its customers. Unlike a traditional cybersecurity company, Coalition shares its customer’s incentives to prevent and mitigate losses.
“Coalition is more than just an insurance solution,” said Joshua Motta, CEO of Coalition. “Our expansion into Canada will give us greater visibility into cyber losses, and even more resources to combat cybercrime, on a global basis.”
About Coalition Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Lloyd’s of London, and Argo Group, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20M of coverage across all 10 provinces in Canada. 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. Headquartered in San Francisco, Coalition has presences in New York, Los Angeles, Chicago, Dallas, Washington DC, Miami, Atlanta, Denver, Austin, and now Vancouver and Toronto.
In an email obtained by IT World Canada, LifeLabs chief executive officer Charles Brown released a statement to customers on June 11, noting “I cannot change what happened, but I assure you that I have made every effort toward making change to provide you services you can trust.”
Here is the list of changes LifeLabs is introducing, according to the email:
Brown also wrote that the breach delivered LifeLabs a stern reminder that “we must continuously work to protect ourselves against cybercrime” and that “data protection and privacy are now central to everything we do.”
The update from LifeLabs comes on the heels of a report from data protection company Veritas that says public consumers are seeking apologies, fines and even prison sentences for CEOs who fail to protect their businesses. Forty per cent of consumers hold business leaders personally responsible for ransomware attacks businesses suffer, according to the Veritas survey, which interviewed roughly 12,000 consumers. Thirty per cent would demand the CEO be banned from running a company if it suffered a cyberattack. Twenty-three per cent of those surveyed want to send CEOs to prison for mishandling data.
TORONTO _ A cyberattack on the Chartered Professional Accountants of Canada website has affected the personal information of more than 329,000 members and stakeholders, the organization said.
The information includes names, addresses, emails and employer names, but passwords and credit card numbers were protected by encryption, CPA Canada said.
It warned the data could be used in email phishing scams and encouraged those affected to “remain vigilant.”
The attack by “unauthorized third parties” occurred between Nov. 30 and May 1, according to an internal investigation carried out with the help of cybersecurity experts.
The organization said it beefed up its security measures and contacted the Canadian Anti-Fraud Centre and privacy authorities after learning of “a possible security incident” the week of April 20.
“Upon discovering this, CPA Canada took immediate steps to secure its systems and conduct a thorough analysis to determine what information may have been involved,” the group said in an email.
“There is no evidence that the encryption keys were affected in this incident and we have no reason to believe the encryption was compromised.”
The personal information relates mainly to the distribution of CPA Magazine and everyone affected has been notified, the organization said.
Hacks against a wide range of companies since 2018 have included medical test laboratory LifeLabs and credit union Desjardins, which combined saw the theft of the personal information of more than 19 million Canadians.
Existing investor Valor Equity Partners led Series C round; largest ever cyber insurance funding round
SAN FRANCISCO — May 20, 2020 — Coalition, the leading cyber insurance and security company, today announced it has raised $90 million in equity capital to fuel its mission to solve cyber risk, and support its rapid growth and global expansion. Valor Equity Partners led the funding with participation from Felicis Ventures, Greyhound Capital, and Coalition’s existing investors.
The investment comes as the company’s customer base crosses 25,000 — a 600% increase from the prior year — making it one of the largest providers of cyber insurance and security in the United States. Coalition’s unique product offerings combine best-in-class insurance and proactive cybersecurity tools to help keep businesses safe. Cyber losses cost the global economy upwards of $1.5 trillion each year, and yet the majority of businesses are under-insured and under-prepared to manage and mitigate the risks of an increasingly digital world. Coalition is addressing this gap by providing no-cost cybersecurity tools to prevent losses, security and incident response services to contain them, and comprehensive cyber insurance to help organizations recover from failures and breaches.
“Cybersecurity isn’t a technology problem, it’s a risk management problem,” said Joshua Motta, Founder and CEO of Coalition. “Traditional cybersecurity technology such as firewalls and antivirus were designed to protect networks, not businesses. Coalition protects an entire business by offering cybersecurity-as-a-service without any additional hardware or software, security and incident response services, and comprehensive insurance cover of up to $15 million.”
The announced funding will help Coalition target three key areas:
Cybersecurity Access: once accessible only to national governments and large enterprises, Coalition will continue to make available, at no cost, state-of-the-art cybersecurity capabilities to small and midsize businesses. Coalition’s small and midsize policyholders experienced claims that cost an average of $160,000 — an expense that few businesses can afford to bear. “Businesses need more protection than traditional insurers can offer, including help preventing incidents from happening in the first place, and support during and after a crisis,” said Vivek Pattipati, Partner at Valor Equity Partners. “We believe Coalition will be as disruptive to the cybersecurity industry as it has been to the insurance industry.”
International Expansion: cyber risks know no boundaries, and Coalition plans to make its offerings available globally starting with Canada. “As the entire world becomes increasingly digital, Coalition has a tremendous opportunity to address the real risks that cyber poses across many markets,” said Pogos Saiadian, Partner at Greyhound Capital.
New Products: Coalition plans to develop additional insurance products to address a new range of threats technology brings to both tangible and intangible assets — many of which are not well covered by traditional insurance policies. “The future of cyber insurance is in integrated solutions to protect against cyber incidents across all asset types,” said Sundeep Peechu, Managing Director at Felicis Ventures. “Coalition is uniquely positioned to challenge the status quo of insurance by unraveling the complexity of modeling and pricing cyber as a peril.”
Antonio Gracias, Founder and CEO of Valor Equity Partners said: “We view Coalition as a category-defining company that is fundamentally changing the way organizations engage with insurance. Coalition is one of the fastest growing insurance technology companies despite raising a fraction of the capital of its peers.”
In total, Coalition has raised $125 million in equity funding from investors, including Vy Capital, Ribbit Capital, Hillhouse Capital, Valor Equity Partners, and Greenoaks Capital, among others. All existing investors participated in Coalition’s latest round of funding.
Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Lloyd’s of London, and Argo Group, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20M of coverage across all 10 provinces in Canada. 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. Headquartered in San Francisco, Coalition has presences in New York, Los Angeles, Chicago, Dallas, Washington DC, Miami, Atlanta, Denver, Austin, and now Vancouver and Toronto.
With the unprecedented global pandemic of Covid-19, companies are adapting to the new reality of social distancing and self-isolation practices encouraged by our government and health authorities, leading many businesses to transition large numbers of employees to remote working. Many of these employees have no prior experience working remotely, and in some cases, may not be properly equipped to do so.
Remote working requires, among other things, equipping employees with the ability to connect to company servers from home. This transition requires furnishing employees with the tools required to carry out their work efficiently, such as providing them with laptops, at home workstations, and remote access to secured networks and other company resources.
Unfortunately, the transition to working remotely almost certainly will mean increased risk of cyber attack and cyber losses. Cyber risks faced by businesses today take different forms. In addition to hardware and/or software failure, the loss of portable devices such as laptops or smart phones, and the use of unsecured Wi-Fi connections by employees, companies face sophisticated attacks from hackers targeting users seeking information on Covid-19.
Given these risks, it is critically important businesses take steps to insure and protect themselves against cyber losses.
Cyber Insurance-What is it and What Does It Cover?
Cyber insurance provides protection and coverage for the security and privacy of digital information and losses resulting from data breaches.
Cyber risk policies provide both first party and third party coverage. Cyber insurance may take the form of a stand-alone policy or be made available by way of endorsement to a D&O or E&O liability policy. Though each policy varies, and a policy should be thoroughly reviewed prior to purchase, first party coverages typically provided under a cyber insurance policy include:
expenses incurred by a company as a direct result of the breach, including remediation and notification expenses, as well as crisis management expenses; and
resultant costs such as business interruption and loss of goodwill.
Third party coverage under a cyber insurance policy typically provides coverage for liability in connection with losses suffered by customers as a result of the theft and use of their personal and/or financial data.
Most insurers also offer value-added services, such as network security testing, designed to help companies avoid and mitigate the effects of a data breach, and crisis management services.
Ensure That Your Cyber Insurance Policy is Comprehensive Enough to Suit Your Company’s Needs
Coverages offered under cyber insurance policies vary considerably. When purchasing a cyber insurance policy, the policy wording, and especially the exclusions, should be reviewed with a professional to ensure the potential loss events your company may face in the event of a data breach are covered. The type of coverage required will depend on the nature of the company, the types of information it stores within its secure network, as well as the types of activities the business participates in.
What Can Employees and Employers Do to Prevent Cyber Attacks?
Both employers and employees must take utmost care to protect themselves as well as confidential company information, especially while working remotely. Such steps include:
Encouraging employees to pay attention to phishing emails, which are emails disguised with an enticing link, that when clicked on, can download malware onto a device and the company’s systems;
Ensuring employee devices are up to date on their anti-virus protection;
Ensuring employees are working on secure, password-protected internet connections and reducing the use of public Wi-Fi as much as possible;
Reminding employees personal email should not be used for any company business; and,
Urging employees to keep track of what they are printing at home and to shred confidential documents as soon as possible before they are disposed of.
The best way to protect your company from cyber risks is to ensure appropriate preventive measures are in place and employees working from home or with remote access to company data are trained on how to implement these measures. We must all be diligent in protecting and securing sensitive business data and client information. However, when an attack does happen, it is crucial to have the right cyber risk insurance products in place to assist in dealing with the after-effects of a breach.
The acquisition combines Aon’s industry-leading investment in cyber security with Cytelligence’s unique technical expertise in incident response and digital forensics services to strengthen Aon’s cyber security client value proposition
CHICAGO, Feb. 4, 2020 /CNW/ — Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, announced today the acquisition of Cytelligence Inc, a Canadian-based cyber security firm that provides incident response advisory, digital forensic expertise, security consulting services and cyber security training for employees to help organizations respond to cyber security threats and strengthen their security position.
The acquisition will help Aon expand its current coverages within the cyber market at a time when cyber claims are almost doubling year-over-year. The 2019 Cybersecurity Almanac published by Cisco and Cybersecurity Ventures predicts that cyber events will cost $6 trillion annually by 2021, as companies are digitizing most of their processes and are often operating remotely. Global cyber insurance premiums are expected to grow from $4 billion in 2018 to $20 billion by 2025. According to Aon’s 2019 Global Risk Management Survey, cyber-attacks were identified as a top ten risk facing organizations and is predicted to be one of the top three risks for organizations in 2022.
“As the number of network intrusions, data breaches, ransomware attacks, and similar threats continues to increase in both frequency and severity, expertise in cyber incident response becomes critical to organizations and insurance companies,” said J Hogg, CEO of Aon’s Cyber Solutions. “The Cytelligence team are deep experts in cyber incident response, ransomware mitigation, and cyber security training for employees, which will help cement our position in both North America and globally as an industry leader.”
Cytelligence will join the growing portfolio of Aon’s Cyber Solutions, which combines digital risk management services, security services, professional risk solutions, and a global risk consulting practice. This acquisition enhances Aon’s 2016 acquisition of Stroz Friedberg and now allows Aon’s Cyber Solutions to offer an even more holistic portfolio of services to clients from proactive security services, to incident response, to risk quantification and insurance broking.
“Together, we will deliver complete proactive solutions from risk assessment, cyber risk policy underwriting to secure insurance coverage to protect critical assets, to cyber breach response, effective and efficient cyber incident remediation, meticulous data collection and data preservation,” said Daniel Tobok, CEO of Cytelligence. “Put simply, everything that is connected to the internet can be compromised. proactive companies and their Boards are preparing now with proactive actions with penetration testing, vulnerability assessments, security audits, and training of their employees.”
Cytelligence has offices in Toronto, Ottawa, New York, San Francisco and Miami. The firm employs professionals in cyber security and education, investigations, and forensic analytics. The firm was founded in June 2016.
Mr. Tobok will join Aon as the Canadian President, Aon’s Cyber Solutions.
About Aon Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
About Cytelligence Cytelligence is a leading international cyber security boutique with deep expertise in Cyber Breach Response, Cyber Breach Investigations, and Digital Forensics. We are known for our technique: well planned, well executed and detailed-oriented engagements. Our Offensive Security Consulting includes: Penetration Testing, Vulnerability Assessments, Security Audits, and Secure Development Lifecycle Management, including code reviews.