Coalition has introduced 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 San Francisco, CA-based 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,” continues Motta. 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 cyber security apps and up to $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 quickly, including a review of exposed Internet-connected IoT devices. Risk assessments are made available to all clients, and include remediation assistance.
Premium Discounts: Existing security controls and measures are taken into account automatically during the underwriting process, and may result in a reduction of the policy premium.
Bespoke Policies: All 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. IoT devices are affirmatively covered across all coverages.
Coalition Apps Platform: All policies include a number of cyber security tools available at no additional cost. These include:
Threat Monitor App: identifies and alerts customers to new IoT devices on their properties and networks that are exposed on the Internet, and
Patch Monitor App: scans for out-of-date software, and alerts customers when new vulnerabilities, updates, and patches are announced.
Security Expertise: 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.