U.S. cyber insurer raises 10 million USD to solve cyber risks for small to midsize businesses

SAN FRANCISCO, Feb. 28 (Xinhua) -- U.S. technology-enabled cyber insurer Coalition Inc. said Wednesday that it has successfully raised 10 million U.S. dollars from leading tech investors to provide security protection for small- and medium-sized businesses (SMBs).

The funds raised in Series A from leading tech investors such as Vy Capital, Ribbit Capital and Valor Equity Partners, will be used to solve cyber risks for SMBs, Coalition said in a statement.

"Solving cyber risk doesn't mean solving security failures. It means allowing companies to embrace technology while remaining resilient to the risks that accompany it," said Joshua Motta, CEO and Co-founder of Coalition based in San Francisco on the U.S. west coast.

He said Coalition provides companies with free cybersecurity to prevent loss before it occurs, as well as expert response and comprehensive insurance coverage when all else fails.

"We believe that cybersecurity should be a public good, and now we have the backing and resources to democratize access to the technology SMBs need to protect themselves," said John Hering, Coalition's co-founder and director.

Coalition, a tech company that offers cyber insurance products, is financially supported by top-rated global insurers, Swiss Re Corporate Solutions and Argo Group.

Its cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and tools to help businesses fight against cyber attacks.

The company began offering insurance and cybersecurity to SMBs in November 2017. Enditem