Cyber insurance and security company Coalition announced a new relationship with Intuit that enables QuickBooks customers to access comprehensive cyber insurance coverage to protect their businesses against ransomware, phishing and other cybersecurity threats, according to a statement from the companies.
Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20M of coverage across nine provinces and three territories in Canada, according to the statement. Coalition's cyber risk management platform provides automated security alerts, threat intelligence, expert guidance and additional cybersecurity tools to protect against a cyberattack and help organizations remain resilient, according to the statement.
Coalition and Intuit Team Up to Protect SMBs from Cyberattacks
The relationship with Intuit will allow QuickBooks customers, most of whom are SMBs, to directly access a streamlined quoting and purchase process for cyber insurance through Coalition, according to the statement. Automated cybercrime, such as phishing campaigns and ransomware attacks, disproportionately impacts small and midsize organizations that may previously have avoided detection by cybercriminals. Cyber insurance claims are among the most frequent insurance claims made by small and medium-sized businesses, and yet a substantial majority remain uninsured, according to Coalition. Coalition's relationship with Intuit enables its small business customers to access cyber insurance coverage directly through the QuickBooks ecosystem, according to the statement.
Coalition's product and partner offerings, including the relationship with Intuit, combines cyber insurance with proactive cybersecurity tools to help organizations prevent incidents from happening in the first place. However, in the event a cyberattack or cybercrime incident does occur, Coalition’s cyber insurance covers cyber crime, forensics, bodily injury, property damage and more, as well as support before, during, and after a crisis, according to the statement.
Coalition and Intuit Partnership: Executive Commentary
"Small businesses are increasingly targeted by cyber crime, and the losses they face can be catastrophic," said Shawn Ram, head of insurance for Coalition. "Teaming up with Intuit enables us to bring our leading insurance and security solutions to microbusinesses and make them resilient to cyber threats."
"Together with Coalition, we've created a simple and quick way for QuickBooks customers to purchase and manage their cyber insurance," said Mauricio Comi, head of insurance for Intuit QuickBooks. "Cyber threats have quickly become one of the leading risks for our customers, therefore we are developing comprehensive coverage and innovative tools to help QuickBooks small business owners manage their risk."
