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Cybersecurity firm Coalition Inc. said it is broadening its coverage for small and midsize businesses for General Data Protection Regulation violations.
The San Francisco-based company said Wednesday it will offer “full-spectrum” coverage to help businesses comply with regulations, protect against alleged violations and pay resulting expenses and penalties.
He said Coalition’s policy will respond “with broad coverage for any resulting costs and liability, including GDPR violations, resulting from a security failure or data breach, but also protect organizations against their failure to comply with broader GDPR enforcement actions.”
The company said Coalition can provide up to $10 million in defense costs as well as fines and penalties for a covered GDPR violation, and limits as low as $25,000.
It said premiums range from $50 per year to more than $100,000 per year for larger corporations that request a full $10 million of coverage. It said the average cost of a Coalition policy is about $4,000 for a $1 million to $2 million coverage limit.
A spokeswoman said in an email that Coalition has a syndicated placement with Swiss Re Ltd. and Argo Group International Holdings Ltd., where Swiss Re leads.
In December 2017, Coalition introduced two proprietary insurance products for cyber and technology errors and omissions as a managing general agent for Swiss Re and Argo Group.
Cyber security firm Coalition Inc. is introducing two proprietary insurance products for cyber and technology errors and omissions as a managing general agent for Swiss Re Ltd. and Argo Group International Holdings Ltd.