Security incidents, data breaches, and technology failures aren’t just cyber risks, but sources of professional liability for Technology companies
$190,000
Average claim cost for Coalition’s technology policyholders
33%
Percent of claims resulting from a web application compromise for Coalition’s technology policyholders
$135,000
Average claim cost for a technology failure for Coalition’s technology policyholders
Coalition protects tech companies with security tools and tailored cyber and professional liability coverage
Coverage for technology errors & omissions — professional liability coverage for tech companies
Costs to respond to a ransomware (extortion) incident
Funds transfer fraud losses arising from a security failure or social engineering
Costs to replace computer systems and other technology damaged in a cyber attack
Coverage for consequential reputational harm loss, and media and PR costs to respond to an incident
Enhanced coverage for denial of service (DDoS) attacks that impede legitimate traffic to your business
Related Case Studies
Tech company combats social engineering scam
Two threat actors worked in tandem to trick this company’s bank into authorizing transactions totaling nearly $500,000.
Bitcoin ransom resolved in 48 hours with CIR
A ransomware attack encrypted all of a colocation and IT services firm’s computer systems and data, including their backups.
Tech company has full funds recovery after spoofed email
A company wired $200,000 to a hacker impersonating their CFO. Coalition recovered $150,000 within 24 hours of receiving the call, and their insurance policy covered the rest.
Coalition’s products are offered with the financial security of Allianz Group* (A.M. Best A+ rating), Arch Specialty Insurance Company (A.M. Best A+ rating), Ascot Group** (A.M Best A rating), Fortegra Group (A.M. Best A- rating), Lloyd’s of London (A.M. Best A rating), Swiss Re Corporate Solutions*** legal entities (A.M. Best A+ rating), Vantage Risk Specialty Insurance Company (A.M. Best A- rating), and Chaucer Insurance Company DAC (A.M. Best A rating).
