SAN FRANCISCO--(BUSINESS WIRE)--Coalition, the leading cyber insurance company for small and midsize businesses, announced today that it will broaden its coverage for General Data Protection Regulation (GDPR) violations. Unlike other cyber insurance policies, Coalition is the first to offer full-spectrum coverage to help businesses comply with regulations, protect against alleged violations, and pay resulting expenses and penalties.
“GDPR is complex and violations can arise even when there has been no breach of protected information. Companies can be fined simply for failing to comply with the terms of their own privacy policy. Many cyber insurance policies miss this exposure,” said Joshua Motta, co-founder and CEO of Coalition. “Coalition’s policy will now not only 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.”
It is estimated that businesses will spend over $40 billion this year on efforts to comply with privacy and cybersecurity regulations, including GDPR. Now, more than ever, businesses must work to implement controls to adhere to new regulations, and prepare themselves for any resulting penalties should the worst come to pass.
The ramifications of GDPR are widespread, and can impact businesses regardless of their location, size, or financial health. If you offer goods or services to, or collect data about, an EU citizen, this law applies to you — irrespective of where your organization is based or whether you collect payment. Failure to comply with GDPR can be a costly proposition: penalties may be assessed at 4% of an organization’s annual global revenue or 20 million euros, whichever is higher.
“Non-compliance with GDPR can cost a small or midsize business its livelihood. Our expanded GDPR offering, available with all Coalition cyber insurance policies, is designed to educate organizations on their obligations, assist with compliance, and ultimately provide financial protection from alleged violations,” notes Motta.
With Coalition, any small or midsize business can protect themselves against cyber risk with comprehensive insurance coverage, free cybersecurity tools, and access to a team of experts to assist with compliance, cybersecurity, and the response to a cyber incident.
About Coalition
Coalition, the cyber risk solution from Joshua Motta and John Hering, combines comprehensive insurance and free cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by A+/A rated insurers Swiss Re Corporate Solutions and Argo Group, Coalition provides companies with up to $10M of cyber and technology insurance coverage in all 50 states and the District of Columbia. Coalition's cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and tools to help businesses remain resilient in the face of cyber attacks. Coalition is headquartered in San Francisco.
For more information about Coalition, please visit www.thecoalition.com.
