Coalition, Inc.

What would you do if you went to file your taxes and discovered they'd already been filed? 🏦 💸 That's what happened to nearly two dozen clients of our policyholder, an accounting firm. Find out how the threat actor was able to steal the tax returns and how their cyber coverage responded: https://bit.ly/3LpUm7y

Funds transfer fraud is one of the top cyber claims we see at Coalition. It's also preventable if you diligently follow the same process for every wire transfer you send or receive. Here are the steps we recommend: 🤔 Be suspicious of requests to change information. Changing a bank account is extremely rare, and alarm bells should go off any time a vendor requests to update banking info. Call a trusted person at the company to make sure the vendor request is legitimate. ☎️ For large or first-time transactions with a new business partner, exchange the wire/ACH number over the phone between two familiar parties. ✅ Verify the address of instructions that come via email. Don't just accept the name in an email. Review the entire email and ensure it's the legitimate account without misspellings. If anything seems off at all, try calling — and never use the number from the email. Independently verify the phone number outside of the suspicious email. 📝 Train (and test) employees. Keep anyone who is authorized to send wire transfers on their toes with occasional testing. Most employees won't fall for the same trick twice, and it's much better for their mistake to happen during a drill. Do you have any additional steps you follow in your wire transfer process? Let us know in the comments.

🇩🇪 We couldn’t be more excited to say "Guten tag” to German brokers and businesses! Active Cyber Insurance is officially available in the German market. Cyber threats are a growing global challenge, and we look forward to helping German businesses reduce their likelihood of experiencing cyber incidents and recover if they do happen: https://bit.ly/3AaGn3e

Managing cybersecurity at a small to midsize organization can be challenging, but you don’t have to do it all on your own. Managed detection and response (MDR) services offer scalable threat detection and response capabilities to help you respond to and potentially prevent attacks. If you’re unsure where to start selecting the right service provider, it’s best to ask yourself five key questions outlined in our MDR Buyer’s Guide. Take a look: https://bit.ly/460Huhw

This month's Coalition Spotlight is a special edition that highlights a few of #OurCoalition's summer interns. ☀️ We asked Yini Mao, Data Science Intern, Samveg Shah, Data Science Intern, and Steven Bing Wu, Backend Engineer Intern, what their favorite Coalition memory has been so far and what has surprised them about their internship. Check out what they had to say in the video below.

After the CrowdStrike outage that impacted travel, healthcare, banks, and more, many brokers and policyholders reached out to ask how cyber insurance would respond to this event. Our CEO, Joshua Motta, provides guidance for policyholders and explores the implications for the cyber insurance industry in this month's Cyber Savvy Broker Newsletter.

Honesty is the best policy in cyber risk management. When a policyholder is transparent and reports an incident early, it can reduce the overall cost and impact of a claim. Sometimes we can even address security concerns before they develop into active breaches. Robert Jones, Head of Global Claims, further explains why transparency and collaboration are necessary for cyber risk management in Claims Journal.

You've likely heard about the CrowdStrike outage by now, which caused major disruptions to airlines, banks, and maybe even your business. Does cyber insurance cover this event? We've got answers for you ➡️ https://bit.ly/3LCykhM

We've been named a finalist at the Intelligent Insurer 2024 Cyber Insurance Awards USA in 6 categories: Cyber Claims Team of the Year Cyber Insurance Technology Provider of the Year Insurtech of the Year Cyber Insurance Incident Response of the Year Cyber Security Solution Provider of the Year Inspiring Woman in Cyber — Shannon Roth, Head of Production Underwriting, US We look forward to finding out the winners at the end of the month!

When an international nonprofit was affected by a zero-day vulnerability that affected a popular file-transfer tool, it turned to us for help. Here's how we assisted the nonprofit after more than 600 unique files were exfiltrated across six countries: https://bit.ly/4eZVdJF