Like it or not, the world is being transformed by technology. The benefits of capitalizing on the opportunities it provides also comes with risks, but when the right management system is in place, the dangers of those risks become minimized. This results in the benefits involved realizing its full potential, which helps you keep up with, if not surpass, your competitors. Cybersecurity has become necessary to protect businesses from unwanted exposure. With today's age relying on the internet more than ever to go about their business as people and professionals, the need to apply for as much insurance as possible to ensure protection is maintained at optimal levels has become necessary. Because of this, a new breed of insurance companies has risen to the occasion to handle as many concerns as possible that revolve around the realm of cyberspace. The company known as Coalition happens to be one of those insurance companies, specializing in cybersecurity. Should you be wondering who Coalition is and what it is they actually do, we've provided a list of facts you may or may not already know;
1. Joshua Motta
The co-founder of Coalition, Joshua Motta, has made a career being at the intersection of cybersecurity, intelligence, and technology. Because of this experience, he realized traditional means to properly handle the increase of issues surrounding cybersecurity was broken. He blames the flaw falling on the failure to recognize cyber threats posing to be a real risk management problem and not necessarily a technology problem.
2. John Hering
Joshua Motta reached out to the co-founder of Lookout, John Hering, and the two agreed cybersecurity was too expensive and too complex for smaller businesses to access as opposed to the world's largest corporations. This resulted in Hering and Motta gathering together the most technical minds they could find so they can create and embark together as the company known as Coalition.
3. Coalition Growth
Since first forming as a company in 2017, Coalition has grown to serve over 45,000 customers who have insured a total of $12 billion of their risk. The more people learn about Coalition, plus the need to protect their own business, the more they're signing up. This union shares the same vision to prevent and mitigate losses, preferably before they have a chance to occur.
4. Coalition's Cybersecurity Platform
Proactively, Coalition provides a platform that includes 24/7 monitoring, employee training, and security services as a means to prevent cyber-related incidents from occurring. This is a free service they provide to help mitigate such occurrences as they stress every business, regardless of its size, is a target. There are nine different areas this cybersecurity platform focuses on;
- Credential Monitor - Any attempt by a third party to breach data that involves people's personal credentials instantly sets out an alarm, making you aware of the problem before the first attempt has a chance to be complete.
- Security Awareness Training - The vast majority of security breaches are due to human error. Trained employees have a better chance to avoid mishaps such as phishing programs that can compromise the business.
- Endpoint Detection and Response (EDR) - Ransomeware is real and it does hold your key information hostage. Otherwise known as malware, this holds your computer and its data hostage. EDR serves as a guard against this better than the antivirus programs that are currently available to the public.
- Patch Manager - A continual scan of your systems to deal with out-of-date software and other vulnerabilities will alert you as soon as it is found.
- Threat Manager - Constantly monitors any potential risk, big or small, alerting you before the damage is done.
- DDoS Mitigation - This service is designed to stop a denial of service attack against your business. It is always on and always on the lookout for threats like these so that it doesn't cause your business to lose money.
- HackerOne Response - A team of ethical hackers will help you find vulnerabilities so that you can fix them.
- 24/7/365 Security Team - Coalition is the only cybersecurity service that offers full security with no scheduled downtimes.
Cyber Risk Assessment - Exactly as it sounds, Coalition will assess how much at risk your business is in today's world of the ever-increasing risk of cyber-attacks that occur at a worldwide level. They even have a button titled Check Your Cyber Risk that you can access to see how much of a threat your business could be facing.
5. Coalition's Insurance Policy Platform
In addition to providing cybersecurity, Coalition also offers insurance protection, regardless of its size. That insurance policy includes protecting every business concern such as finances, tangible and intangible damage. The coverage allows up to $15 million in losses, making what Coalition offers the most comprehensive cyber insurance available. There are four key areas Coalition's Insurance policy provides;
- Worldwide Coverage - Protection towards your data and property regardless of demographic location.
- Cyber Terrorism - Any act of cyber terrorism is covered, regardless of what it is and where it's coming from.
- Internet of Things - Provides coverage for all your internet of things is automatically covered as a default with this policy.
- Social Media - Coalition's policy provides coverage for all your social media accounts.
6. Coalition Insurance Policy vs. Other Cyber Insurance Policies
Coalition's Insurance Policy also covers that so far most other cyber insurance companies and their policies do not cover.
- Bodily Injury & Property Damage
- Business Interruption & Extra Expenses
- Computer Replacement
- Contingent Business Interruption
- Cyber Extortion
- Funds Transfer Fraud
- Service Fraud
- GDPR and CCPA Coverage
- MFA Retention Reduction
- Pre-Claims Assistance
- Cover All Prior Acts
- Systems Failure
- Waiting Period
- Business Services Costs
- Cost of System Upgrades
- Reputation Repair
- BYOD Coverage
- Social Media/IOT Coverage
- Cybersecurity Apps
- Coverage for Free Apps/Technologies
7. Coalition Blog
The Coalition website features a blog page that makes for an excellent library of information for anybody wanting to learn more about the company and what's been getting their attention. It is very little they don't share as information. For instance, a blog written by Coalition's Catherine Lyle goes into detail about the OFAC advisory update regarding ransomware and how their antics have now earned the attention of the government. This has resulted in the formation of the Office of Foreign Asset Control (OFAC) as of 2021 and they have since amped up their efforts to put an end to any form of malware and ransomware that have been plaguing the internet, holding individuals and businesses hostage.
8. Coalition Employment
With Coalition, the need to recruit talent to keep up with the needs of a customer base that is growing just as fast as they are as a company, The available positions aren't just isolated to one country, but several as Coalition is a globally run company that has locations in USA, Canada, United Kingdom, and Portugal. As incentives to join their team, Coalition lists off the following benefits;
- Highly driven, mission-fulfilling culture
- Full Medical Benefits (Health, Dental, Eyecare) with individual and family plans available
- Life Insurance and Disability Benefits
- Paid Parental Leave
- Relocation Support
- 401(k) Plan
- Wellness and Commuter Benefits
- Flexible Working Hours
- Open Vacation Days
- Distributed Work (benefits vary by location)
- Employee Stock Options
9. Coalition Headquarters
The official headquarters of Coalition is in San Fransisco, California. From there, they manage the fifteen different locations that are located around the world. Through the six core values, the company expresses make things work, the mission to keep Coalition on top of all matters revolving around cybersecurity and insurance matters keeps them going and growing. Those six core values are;
- Character - It's about finding the small matters every bit as important as the bigger ones.
- Humility - It's about staying humble enough to keep asking questions.
- Responsibility - Taking responsibility for the benefit of personal and professional development.
- Purpose - Building with something to believe in.
- Authenticity - Focus on following intuition with heart.
- Diversity - Regardless of cultural background, sexual orientation, and political views, everybody has the right to be their own self and respect others for doing the same.
10. Coalition Partner Program
Coalition partners with brokers and security providers (specializing in SaaS) to provide leading cyber insurance coverage and risk management solutions. They do this through two different solutions for partners to offer Coalition. The one is Coalitions' API while the other is Partner Portal.
- API - a portal for developers to build seamless broker or customer facing experiences through an integration program Coalition provides through their insurance products and services.
- Partner Portal - allows partners to offer Coalition products to their customers with no integration work required.
11. Coalition Library
Coalition features a learning center for people to learn more about who Coalition is and what they do. Whatever you need to know can be found at Coalition's Learning Center. Should you be wanting to learn more about how issues such as cybersecurity, this is where you need to go. Anybody running a business, or even considering running a business, would be advised to learn more as technology is becoming more intertwined with our daily lives than ever before.
12. Coalition Legal Information
Through the financial security of Swiss Re Corporate Solutions, Coalition offers their products, as well as through Lloyd's of London, Arch Specialty Insurance Company, and Argo Pro US. They are also rated, at the very least, A.M. Best A- Rating.
13. Coalition North-American Licensing
Coalition is licensed to operate in all 50 American states, as well as the District of Columbia. They also operate in every province in Canada with the exception of Quebec.
14. Coalition's Current CEO
Co-founder Joshua Motta is the official CEO of Coalition since it officially went into business in 2017. He has also been the primary frontman when it comes to press conferences and other big news, especially when it comes to cyber technology coverage by the media.
15. Coalition And The Government
Joshua Motta and President Joe Biden met to deal with the rising concerns of cyber terrorism and what it can do to more than simply a business operation. The need for cybersecurity isn't simply limited to protecting the interest of business owners and consumers. Cybersecurity is becoming an increasing necessity to prevent terrorism in any given format as the world has become more reliant on technology with its day-to-day operations than ever before. This is where Joshua Motta once again explains the heart of the trouble revolving around cybersecurity issues isn't a technology problem but a risk management problem.
16. Coalition and Cloudfare
Before Coalition, Joshua Motta was instrumental in the founding of Cloudfare, which is now the most recognized networking technology privately owned security company running according to Wall Street Journal. Because of Motta's time with Cloudfare and his co-founding of Coalition, the two companies are closely knit to each other, breaking ground in the world of cybersecurity and cyber insurance.
17. Comparing Notes
According to the 2021 H1 Cyber Insurance Claims Report, the number of claims made by Coalition's policyholders is less than one-third the number of claims made by any of the other insurance companies that also specialize in providing cybersecurity and insurance policies. This is credited to an approach only they do, which is focusing more on preventative maintenance when it comes to security issues, especially when cyber technology is involved.
18. Forbes and Coalition
Joshua Motta and Coalition are recognized in Forbes Magazine as one of the most innovative fintech companies in 2021. Currently, the estimated dollar value of Coalition at this time with its properties, shares, and holdings is at $1.8 billion.
19. Coalition and Cryptocurrency
With the rise of popularity and value with crypto commodities such as BitCoin, Coalition has since seen a surge of new customers (500 so far) seek cybersecurity and cyber insurance. Since the start of the COVID-19 pandemic, not only is there a surge in anything to do with today's trends, which include cyber technology and cryptocurrency, so is the need for services so far only Coalition can provide.
20. Coalition Future of Insurance
The world is changing and so far Coalition is the only insurance company that can cover all the issues businesses (and individuals) need in order to avoid any form of cyber assault. Cyberterrorism has existed for a long time and it's only getting worse as it seems they've been able to get away with their crimes unchecked. Thanks to Coalition, this is changing. With already nearly 50,000 customers onboard since they started as a business in 2017, this is only the beginning.
Written by Allen Lee
Read more posts by Allen Lee