A report by Coalition found that more than half (56%) of all 2023 claims were a result of funds transfer fraud (FTF) or business email compromise (BEC), highlighting the importance of email security as a critical aspect of cyber risk management.
Tag: Coalition
Common Software Vulnerabilities Predicted to Jump by 25% in 2024: Coalition
The number of software vulnerabilities – a key attack vector for cyber threat actors — continues to rise and is expected to jump by 25% to nearly 35,000 or 2,900 per month in 2024, according to a recent Coalition report.
Coalition Launches New Miscellaneous Professional Liability Insurance Coverage
Coalition, the Active Insurance provider, has announced its new Miscellaneous Professional Liability (MPL) Insurance coverage.
Ransomware Drives 12% Uptick in H1 Cyber Claims: Coalition
Cyber claims increased 12% in the first half of 2023 thanks in large part to a 27% increase in ransomware claim frequency, according to Coalition’s latest Cyber Claims Report.
Cybersecurity Insurer Coalition Unveils Model to Simulate Large-Scale Attacks
Coalition Inc. has designed technology that simulates large-scale cyber attacks to help insurers identify potential weaknesses in their portfolios and prevent widespread losses.
Coalition Active Cyber Insurance Available to Large Enterprise Businesses with Revenue Up to $5 Billion
Coalition announced the expansion of its cyber insurance offering to enterprise businesses with revenues up to $5 billion. The company’s increased capacity above its existing limit of $1 billion comes from a syndicated placement across many of its existing partners.
Coalition Launches Full-Stack Cyber Insurance Organization
Coalition, today announced the launch of Coalition Insurance Company (CIC), the first full-stack, Active Cyber Insurance carrier.
Coalition Report: Cyber Claims Costs for Smaller Businesses Rise
Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today announced the mid-year update to its 2022 Cyber Claims Report detailing the evolution of cyber trends. Key findings include that small businesses have become bigger targets, overall incidents are down, and ransomware attacks are declining as demands go unpaid.… Continue reading Coalition Report: Cyber Claims Costs for Smaller Businesses Rise
Coalition Completes Acquisition of Insurance Carrier with Licenses in All 50 States
Coalition, the world’s first Active Insurance provider focused on preventing digital risk before it occurs, announced today that it has received regulatory approval and completed the acquisition of Digital Affect Insurance Company from Munich Re Digital Partners US Holding Corporation. Digital Affect Insurance Company is an all-state property and casualty insurer. Coalition will be able… Continue reading Coalition Completes Acquisition of Insurance Carrier with Licenses in All 50 States
Small Businesses Hit Hard in 2021 with 56% Rise in Average Cyber Claims Cost
According to the Coalition’s 2022 Cyber Claims report, ransomware claims severity appeared to be leveling off in the second half of 2021, but smaller businesses suffered disproportionately from a 56 percent increase in average claim cost and a 40 percent increase in ransomware events. The average ransom demand increased by 20% to $1.8 million, but… Continue reading Small Businesses Hit Hard in 2021 with 56% Rise in Average Cyber Claims Cost