Coalition, the leading technology-enabled cyber insurance solution, announced the first cyber insurance offering specifically designed to address emerging risks facing real estate developers, property managers, and other businesses across the real estate industry.
“Over one billion IoT devices and sensors will be installed in commercial buildings by the end of 2018. So called ‘smart buildings‘ offer enormous safety and productivity benefits, but also come with new security risks,” said Joshua Motta, Founder & CEO of Coalition. “As buildings are transformed into enormous computer systems, it is no longer inconceivable that cyber criminals could gain access to and control HVAC, sprinkler, and refrigeration systems, or other mechanical processes. If not properly protected, unauthorized access of these systems could expose building owners and their occupants to risks of data breach, bodily harm, property damage, and even pollution. With Coalition for Real Estate, we’ve specifically addressed these new exposures.”
Offered with the financial strength of Swiss Re Corporate Solutions and Argo Group, Coalition provides a full suite of cybersecurity apps and up to US$10 million of comprehensive cyber insurance coverage to businesses across the real estate industry.
Features of Coalition for real estate include risk assessment. Coalition’s underwriting platform utilizes tens of thousands of data points to assess the risk surface of a company or smart building in a matter of minutes, including a review of exposed Internet-connected IoT devices. Risk assessments are made available to all clients, and include remediation assistance.
Existing security controls and measures are taken into account automatically during the underwriting process, and may result in a reduction of the policy premium. All the Coalition policies can be customized to the specific exposures of a firm or building, including coverage for data breach, bodily injury, property damage, and pollution in the event of a security failure.
Coalition apps also covers threat monitoring and notifying of IoT devices on their and networks, and scans for out-of-date software, and alerts customers when new vulnerabilities, updates, and patches are announced.
Among all the above insurance coverage, Coalition’s dedicated team of security specialists is available to proactively assist policyholders, and to help ensure resiliency in the event of a cyber security failure.