Cyber Insurance Provider Coalition Acquires BinaryEdge
Coalition, a San Francisco-based cyber insurance provider for SMBs, on Wednesday announced that it has acquired internet scanning and threat intelligence services provider BinaryEdge. Financial terms of the deal have not been disclosed.
Coalition is backed by insurers Swiss Re Corporate Solutions, Lloyd’s of London, and Argo Group, and it provides customers in the United States up to $15 million of cyber and technology insurance coverage.
The company has developed a cyber risk management platform that helps organizations protect their assets by providing automated security alerts, threat intelligence, tools and guidance. It recently also set up a forensics and incident response team.
BinaryEdge’s technology, which is used to scan over 5 billion devices every month, will be integrated with Coalition’s platform in an effort to help customers identify and monitor internet-exposed systems, and make it easier for them to find and fix vulnerabilities.
BinaryEdge’s scanning tech is now being used to continuously monitor over 10,000 organizations that signed up for Coalition’s insurance services.
“This acquisition signals our ongoing commitment to serving as a dedicated partner in risk management to all of our policyholders,” explained Joshua Motta, CEO and co-founder of Coalition. “No other insurance provider can provide the breadth of coverage, the ongoing 24/7 monitoring of an organization’s Internet threat surface, and the tools and services to help prevent and mitigate cyber incidents.”
Motta added, “Coalition will be making significant investments in the BinaryEdge platform, and we’ve already doubled the size of the team working on it. This will result in notable improvements and new features for BinaryEdge’s existing customers, all of whom we’re also happy to insure on the Coalition side!”