Coalition, Inc.

We’ve made a few key updates to our renewals process in our Broker Platform that will give our brokers greater ownership, visibility, and depth of information when it comes to managing renewals. Read our blog post to learn about Year-Over-Year Changes documents, improved visibility into the auto-renewal process, and how to schedule renewals in advance: https://bit.ly/3ACYlvN

2024 has (so far) seen a resurgence in ransomware and numerous third-party events, impacting countless businesses that use a shared technology. The CrowdStrike outage, CDK Global, and Change Healthcare come to mind.

Have you ever wondered why zero days seem more urgent than other security vulnerabilities? That’s because zero days are security flaws in software that do not have patches at the time of discovery. Therefore, threat actors are more likely to try and exploit them. In this month’s Cyber Savvy Newsletter, we break down our three-step response:   1️⃣ Identify new threats and investigate what’s happening 2️⃣ Assess policyholder exposure and prioritization among other risks 3️⃣ Notify policyholders and provide support to mitigate issues

Small to midsize businesses don't always have the time or resources to dedicate to cybersecurity. That's why it's never been more important to have a partner who is invested in their security. Coalition Security is here to help. Coalition Security includes experts, tools, and services that help you prevent and respond to cyber attacks. By using insights from our cyber claims data and scanning technology to track emerging trends, we help you mitigate your risk. After all, your losses are our losses, too. Learn how Coalition Security has the tools and services to help you stay protected from real threats: https://bit.ly/4hS2w7z

Please join us in welcoming James Mathes to our Underwriting Team in Australia! "I’m incredibly proud to see our underwriting team continue to grow locally, particularly being able to increase our presence in Melbourne. James joins Senior Underwriter Dawn Lim and Underwriting Assistant Laine Ferrington to bring excellent cyber insurance knowledge, consultative acumen, and experience as a broker to help us better service the market. We continue to see fantastic growth, so I’m confident he will make an immediate impact.” — Trent N., Head of Underwriting, Australia

Our first cyber insurance conference for brokers is coming to NYC in April 2025. You’ll have a chance to get a first look at the latest innovations and tech being deployed to help you effectively advise your clients. Request your invitation today: https://bit.ly/3AxQJKP

Accidentally sending business funds to a threat actor is a gut-wrenching feeling. The good news is that many cyber insurance policies cover these events. But not all coverage is the same, and policy language will dictate whether or not your incident will be covered. Here are the things you should look for when selecting Funds Transfer Fraud coverage: https://bit.ly/40M19Bs

Funds transfer fraud, business email compromise, and ransomware accounted for nearly 75% of our claims in the first half of 2024, according to our Cyber Claims Report: Mid-year Update. Even though these cyber events lead to the majority of our claims, they are not the only types of events that are covered by our cyber policies. What less-common events can you think of that can lead to cyber claims? Drop a comment below.

2️⃣ 0️⃣ 2️⃣ 5️⃣ If one of your New Year's resolutions is to make smart security choices and maximize ROI, we've got you covered. Join us on November 20 to learn about critical changes to cyber threats that could impact your business and the necessary security capabilities you need to secure your organization in 2025. Save your seat, and we'll see you there: https://bit.ly/3UKn6Np

While cyber attacks have hit large businesses and made national headlines over the years, 2024 has seen new levels of impact through a steady stream of events caused by dependencies on shared technologies. The ransomware event that hit Change Healthcare in late February is one example of these events. Because so many healthcare organizations use Change Healthcare’s technology, providers were blocked from processing insurance claims, and pharmacies couldn’t maintain their cash flow. Click through the timeline of the incident alongside our own claims response. Want to learn more about events like these? Our Cyber Claims Report: Mid-year Update breaks down two cyber risk aggregation events that occurred in the first half of 2024: https://bit.ly/4dEQVFx