Cyber claims require an active approach
Traditional cyber claims are slow-moving, uncoordinated, expensive, and can’t keep up with today’s sophisticated, fast-moving cybercriminals. Our claims team2 has implemented an integrated response process that aims to move quickly in helping policyholders limit losses and get back to business.
HOW WE'RE DIFFERENT
Our rapid response time gets you back to business
Round-the-clock hotline
Whenever cyber risk strikes, we’re ready. Report an incident 24/7 via our round-the-clock hotline (0808-1349559). Suspicious activity? Call us as early as possible to potentially avoid a claim altogether.
Expert claims response
Our claims team2 aims to take immediate action helping you navigate the response and recovery process, with the goal to help your organisation mitigate financial and operational losses due to cyber risk.
Integrated team of experts
Access to our team and panel of incident response experts** include privacy lawyers, breach coaches, forensic specialists, incident responders, and security engineers with decades of experience combating cyber incidents across a range of industries.
PRE-CLAIMS ASSISTANCE
Support doesn’t need to end in a claim
Maximise your cyber policy benefits with Pre-Claims Assistance.
Extensive pre-claims services
Our dedicated triage process enables policyholders to engage our claims team early, without worrying about triggering a claim.
A swift response to contain incidents
We act fast to help recover stolen funds, limit losses, minimise impact, and may even avoid a claim altogether.
Access to Coalition Incident Response (CIR)**
Policyholders that choose to engage Coalition Incident Response** from the panel of service providers available will have an expert team of forensic specialists on their side when dealing with a cyber incident.
Proactive recovery tactics for stolen funds
Our claims team is proactive in Funds Transfer Fraud (FTF) events and will help policyholders recover stolen funds whenever possible.
Extensive pre-claims services
Our dedicated triage process enables policyholders to engage our claims team early, without worrying about triggering a claim.
A swift response to contain incidents
We act fast to help recover stolen funds, limit losses, minimise impact, and may even avoid a claim altogether.
Access to Coalition Incident Response (CIR)**
Policyholders that choose to engage Coalition Incident Response** from the panel of service providers available will have an expert team of forensic specialists on their side when dealing with a cyber incident.
Proactive recovery tactics for stolen funds
Our claims team is proactive in Funds Transfer Fraud (FTF) events and will help policyholders recover stolen funds whenever possible.
CLAIMS ADVANTAGE
Our active approach can pay off for policyholders
$38M +
recovered on behalf of policyholders by Coalition’s clawbacks in 2023*
64%
fewer claims than the industry average*
52%
of reported events handled at no additional cost to the policyholder*
66%
of stolen funds recovered by our claims team following Funds Transfer Fraud claims*
CASE STUDIESᵗ
See how we help across industries
Financial Services
A US financial advisor wired $3.5M to two charities when a threat actor intercepted and diverted the money. Coalition’s claims team engaged in Pre-Claim Services and helped them recover all but $405 of the $3.5M — avoiding a claim under their cyber policy altogether.
Healthcare
A US national dental company was impacted by a ransomware event. Coalition’s Claims team connected the policyholder with breach counsel and an incident response team who helped the policyholder avoid paying the ransom. The policyholder received over $430K under the cyber policy representing business interruption and data restoration costs.
Manufacturing
A large US manufacturer was facing a $1.2M ransom following a cyber attack. The policyholder didn’t have viable backups and was projecting $1M in losses per day. Coalition’s claims team helped the policyholder engage Coalition Incident Response (CIR) who found a decryption key and helped them resume business within a day.
“I just have to say this is the quickest claims response I have ever seen! When I first inquired, I’d heard back in record-breaking time and have received follow-ups and tips from your team. Excellent service from the entire team.”
“Coalition's Claims team stepped in and held our hand and walked us through the entire claims process. They made something that we now know is extremely difficult, seem easy, and has made it seem like we can manage.”
"I was impressed with the speed in which your team reacted. Thank you for the comprehensive response."
We help make claims easier for brokers, too
Our process is designed to be fast and efficient, to reduce your involvement with claims and allow more time to focus on building relationships.
CLAIMS REPORT
Coalition has recovered $10.8M in stolen funds… this year
Our Active Cyber Insurance approach is designed with cyber preparedness solutions to help lower risk and reduce the number of claims experienced by our policyholders.
Learn more about the evolving cyber threat landscape and key claims trends in Coalition Inc's latest cyber claims report.
Questions about Claims? Check out our Cyber Claims FAQ.
How much cyber insurance do I need?
As the frequency of cyber incidents and the costs of data breaches continue to grow, there are a number of factors that determine an organisation’s unique risk and how much cyber insurance it may require. Learn more.
What is Funds Transfer Fraud?
Funds Transfer Fraud (FTF) is a common cyber attack in which hackers redirect funds from a victim's account before or during a money transfer so that the fraudsters receive the payment instead of the intended recipient. Learn more.
What are the steps to building a Cyber Incident Response Plan?
An incident response plan is designed to help a business recover from a cyber incident and is ideally tailored to each individual company. The goal of an incident response plan is to respond to the incident as effectively as possible while minimising business downtime or operational impact. Learn more.
Are there multiple types of Phishing Attacks?
A phishing attack is a social engineering attack where a bad actor impersonates a legitimate individual or business to trick their target into taking action. Once they've duped their target into clicking on a link and sharing their login credentials, threat actors gain unauthorised access to the organisation's network and critical data. Learn more.
What is the difference between Endpoint Detection Response (EDR) and Managed Detection and Response (MDR)?
Endpoint detection response (EDR) tools analyse data from endpoints—like end users or their devices—to detect suspicious activities, while Managed detection response (MDR) leverages advanced threat intelligence, behavioral analytics, and machine learning to detect and automatically respond to a wide range of cyberattacks. Extended Detection and Response (XDR) goes beyond EDR and MDR by integrating and correlating data from various security tools and sources, including endpoints, networks, cloud environments, Internet of Things (IoT) devices, and applications. Learn more.
*2023 Coalition Inc's Claims Report (US data)
**Incident response services and Coalition Security Services MDR services are provided by Coalition Incident Response, an affiliate of Coalition Risk Solutions Limited. Incident response services are offered to policyholders as an option via our incident response firm panel.
tTestimonials appearing on this site are received via text submission and reflect individual experiences by those who have used Coalition Inc's products and/or services. Testimonials herein are unpaid, unsolicited, are non-representative of all customers, general in nature only and do not take into account any person’s particular circumstances. Past performance does not guarantee future results. Professional advice should be sought before any action is taken in relation to the information disseminated herewith. The views and opinions expressed in testimonials are the author’s own and do not necessarily reflect those of Coalition. Neither Coalition nor any of its employees make any representations or warranties of any kind, express or implied, or assume any legal liability or responsibility for the accuracy, completeness, reliability or suitability of any information contained in any testimonial.
2Claims services are provided by Coalition Risk Solutions Ltd and Coalition, Inc.
Coalition’s products are underwritten by Allianz Global Corporate & Specialty SE (A.M. Best A+ rating), Navigators Insurance Company UK Branch, trading as ‘The Hartford’ (A.M. Best A+ rating), and Lloyd’s of London (A.M. Best A+ rating).
