Coalition, the leading cyber insurance provider for small and midsize businesses, today announced it has acquired Internet scanning and cybersecurity pioneer BinaryEdge. Coalition will integrate BinaryEdge’s technology with its cyber insurance and security platform, allowing Coalition policyholders to easily map their Internet attack surface, monitor risk exposures in real-time, and proactively fix vulnerabilities so that they can stay one step ahead of their adversaries.
Although the recent data breaches at Facebook, Capital One, and Travelex dominate the news, small and midsize businesses (SMBs) are the most frequent targets of cyber attacks. More than 30 million SMBs in the U.S. alone are online everyday, and yet most lack the tools to protect themselves. SMBs are also the least equipped to recover from a cyber attack, where the financial and operational consequences can be devastating.
With the acquisition of BinaryEdge, Coalition is now able to offer 24/7 security monitoring to safeguard an organization, as well as comprehensive insurance coverage for technology failures and cybercrime. The result for Coalition policyholders is far lower costs to detect, contain, and recover from a data breach, and fewer losses and claims.
“While most insurers only respond after an incident, Coalition is now uniquely positioned to provide organizations with the data and tools they need to prevent and mitigate losses before they occur,” said Joshua Motta, CEO of Coalition. “Coalition is the only provider of cyber insurance to truly combine cybersecurity with insurance, working with policyholders as a dedicated risk management partner before, during and after an incident.”
Effective immediately, Coalition is using BinaryEdge’s Internet scanning technology to continuously monitor the over 10,000 and growing organizations that have selected Coalition as their insurance provider. Every day, Coalition maps and scans each policyholder’s Internet attack surface, finds risk exposures and vulnerabilities, and provides real-time threat intelligence and alerts to reduce the likelihood that an organization is compromised. Coalition customers are often notified and informed how to fix a vulnerability in a manner of hours, a process which previously took most organizations weeks or months.
“The security paradigm is changing. Hackers are moving faster than the most sophisticated security professionals can respond,” said Tiago Henriques, CEO and founder of BinaryEdge. “In this new world, the accuracy of security information and the speed of remediation are critical, and as important as maintaining proper security protocols in the first place. We’re thrilled to join the most advanced provider of cyber insurance in the market to democratize access to these tools.”
For more information, visit https://www.coalitioninc.com/blog.
Coalition is a leading provider of cyber insurance in the United States, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by A+/A rated insurers Swiss Re Corporate Solutions, Lloyd’s of London, and Argo Group, Coalition provides companies with up to $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia. 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. Coalition is headquartered in San Francisco.
BinaryEdge’s mission is to secure the Internet by helping organizations improve their information security posture. The BinaryEdge Internet data collection platform continuously scans the entire global Internet, mapping the Internet attack surface of over 5 billion devices across over 15 million business entities, allowing BinaryEdge to provide any organization with real-time threat intelligence to help reduce their cyber risk. BinaryEdge’s customers include many of the largest global corporations, influential security researchers, and information security specialists. The company is based in Zurich, Switzerland.