DATA SECURITY

Coalition Launches Captive to Accelerate its Growth in Cyber Insurance

Coalition | December 14, 2021

Coalition, the world's largest commercial insurtech provider, today announced it will launch a new captive to begin taking risk on its cyber insurance programs. With this captive, Coalition will enhance its ability to manage capacity and its long-term growth objectives while further aligning incentives with its customers.

Coalition's technology-driven approach is powering a new, more successful model of risk management, which has resulted in policyholders experiencing 70% fewer cyber claims when compared to other carriers in the market. In 2021, the success of Coalition's underwriting model was validated by long-term capacity agreements from multiple A+ rated carriers. Coalition has delivered superior claims results amidst significant growth as it crosses $400M in run rate premium, an 800% increase over the prior year.  

"Today's announcement demonstrates our unwavering commitment to protecting businesses from cyber risk, and our confidence in Coalition's approach to underwriting and risk management,Coalition provides businesses with the most comprehensive insurance available backed by the financial strength of multiple A+ rated insurers. With our new captive, we add another layer of security and stability, and more closely align our financial incentives with our customers."

Shawn Ram, Head of Insurance at Coalition

Dovid Tkatch, Coalition's recently appointed Head of Insurance Infrastructure and Actuarial Science, will support development of the captive as well as oversee pricing, reserving, capital requirements, and regulatory compliance.

Coalition's broker platform integrates real-time security, financial, regulatory, and transactional data to create a seamless quoting experience where brokers can generate bindable quotes in just 5 minutes. Today Coalition serves over 130,000 customers with digitally-powered insurance that can leverage vast amounts of data to assess, mitigate, and measure risk for businesses.


About Coalition

Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Arch Insurance, Lloyd's of London, and Zurich North America, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in the United States, CAD $20M of coverage in Canada, and up to USD $5 million of D&O and EPL coverage in the United States. Coalition's cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks.

Spotlight

Detecting advanced cyber threats, exceeding compliance mandates and preventing insider data loss are top priorities for governmental organizations. And adhering to the continuous monitoring guidelines mandated by governmental actions like FISMA can consume thousands of staff hours per year submitting monthly, quarterly and annual reports.

Spotlight

Detecting advanced cyber threats, exceeding compliance mandates and preventing insider data loss are top priorities for governmental organizations. And adhering to the continuous monitoring guidelines mandated by governmental actions like FISMA can consume thousands of staff hours per year submitting monthly, quarterly and annual reports.

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DATA SECURITY, PLATFORM SECURITY, SOFTWARE SECURITY

Red Sift Acquires Hardenize to Redefine Enterprise Attack Surface Protection

Red Sift | October 14, 2022

Red Sift today announced that it has acquired global Attack Surface Management (ASM) innovator, Hardenize. The strategic move enables Red Sift to enrich, extend, and improve its existing security solutions to also protect customers’ internet assets and infrastructure, offering a complete, best-in-class digital resilience solution. The integration of Hardenize’s unique ASM capabilities enables the Red Sift platform to gain a comprehensive view of an organization’s digital footprint, allowing customers to better understand and protect their entire critical attack surface area in the face of an ever-evolving threat environment. While email security remains one of the greatest attack vectors for businesses on the internet, organizations understand that it is only one of many that hackers will look to exploit. From email and domains to web applications and the network perimeter, attackers will take advantage of any and all vulnerabilities across the ever-expanding attack surface. Rather than treating key email security risks individually, organizations must have a comprehensive understanding of and visibility into any and all assets, as well as the ability to secure these using best-in-class remediation based on globally recognized standards and protocols. Recognizing that organizations often are left to fend for themselves once vulnerabilities have been identified, today’s acquisition goes beyond enhanced discovery to provide customers with the necessary tools to shut down phishing and ensure ongoing compliance with email and web security protocols. Hardenize’s deep and continuous knowledge of key security and network standards, protocols and configurations, paired with Red Sift’s sophisticated remediation capabilities, enables customers to gain complete control of their entire attack surface for the first time. With today’s acquisition, Red Sift and Hardenize make this vision a reality for joint customers. Hardenize’s discovery capabilities will act as a magnifying glass into customers’ infrastructure, continuously identifying new and often unknown vulnerable assets across the attack surface. By enriching Red Sift’s discovery phase, customers can now uncover threats beyond email security, to discover lookalike domain abuse, and spot vulnerabilities across their network perimeter. “This move gives us the purview to do more for cybersecurity than we ever have before, elevating the breed of solution available to enterprise businesses for full Attack Surface Management and resilience. “By acquiring Hardenize, an innovator in Attack Surface Management (ASM), we extend our leading security products beyond protecting email; enabling enterprise customers to see their full attack surface, solve the issues at hand, and secure their valuable assets in an ever-evolving threat continuum. Bringing Hardenize and Red Sift together presents an opportunity to redefine how we approach ASM, and in turn revolutionize how enterprises protect themselves comprehensively and effectively in the face of an ever-evolving attack landscape.” Rahul Powar, CEO of Red Sift “We’re excited to join Red Sift in bringing this best-in-class security solution to the market,” said Hardenize CEO and SSL Labs creator Ivan Ristic. “Hardenize’s ability to align organizations’ digital assets to recognized security frameworks and standards complements Red Sift’s advanced email security capabilities to provide a single solution that protects organizations from being vulnerable to attackers.” “This is a significant moment in the fight against digital pollutants on the Internet. Modern cyber resilience is built on a foundation of good cyber hygiene. Hardenize adds best-in-class security to allow organisations to work out what they’re doing well and need to improve in some really critical areas of core protections. This adds to Red Sift's suite of gold-standard solutions,” said Ciaran Martin, NCSC founder and former Chief Executive, and Red Sift Special Advisor. “I’m excited to see how this improves the offerings available for enterprises looking to secure their infrastructure and digital ecosystem.” “The combination of Red Sift and Hardenize makes a great deal of sense, given that organizations increasingly demand proactive approaches to security like Attack Surface Management,” said Rik Turner, Senior Principal Analyst at Omdia. “These proactive platforms seek to reduce an organization’s overall attack surface before threat actors discover issues like vulnerabilities or misconfigurations and launch an attack exploiting them. With Hardenize, Red Sift is approaching ASM holistically, to include external assets together with an organization’s infrastructure and the third-party landscape.” “Having enjoyed a strong strategic partnership with Red Sift for some time now, it’s exciting to see them make the move towards greater attack surface protection,” said Chris Bailey, VP of Strategy and Business Development at Entrust. “The ways in which attackers look to infiltrate organizations are always multiplying, but the vectors they use remain largely the same. This solution offers enterprises a way to fight back, by detecting their most vulnerable assets in a widening threat landscape.” About Red Sift Red Sift's Digital Resilience Platform solves for the greatest vulnerabilities across the complete attack surface. By providing comprehensive coverage of an organization’s digital footprint through best-in-class discovery and monitoring, Red Sift enables users to proactively uncover threats within email, domains, brand, and the network perimeter. Paired with sophisticated remediation capabilities, Red Sift provides organizations with the tools to shut down phishing and ensure ongoing compliance with email and web security protocols.

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DATA SECURITY,PLATFORM SECURITY,SOFTWARE SECURITY

Saviynt Completes the Australian Information Security Registered Assessor Program Assessment

Saviynt | November 08, 2022

Saviynt, a leading provider of intelligent identity and access governance solutions, today announced it has successfully completed the Information Security Registered Assessor Program (IRAP) assessment. As an important validation for security vendors doing business with government agencies in Australia, the IRAP assessment confirms that Saviynt's Enterprise Identity Cloud (EIC) is assessed at the PROTECTED level. Validating the effectiveness of security controls offered by the Enterprise Identity Cloud for storing, processing, and communicating information up to the PROTECTED information classification level. The IRAP program enables Australian government customers to validate that appropriate controls are in place for addressing the requirements of the Australian Government Information Security Manual (ISM) produced by the Australian Cyber Security Centre (ACSC). An independent IRAP assessor examined the Saviynt solution, including people, processes, and technology, against the requirements of the ISM. "The IRAP assessment is the latest milestone in Saviynt’s rapid growth in the Asia Pacific region. "It allows us to provide our government and commercial Enterprise Identity Cloud customers in the APAC region with the confidence that their data is fully protected from unauthorized access when leveraging cloud services.” Dan Mountstephen, Senior VP, Asia Pacific, Saviynt Saviynt’s Enterprise Identity Cloud is the only converged identity platform that provides unmatched levels of visibility and security. By combining identity access management, cloud privileged access management, application access management for cross-application separation of duties, third-party access management, and data access governance in a converged platform, Saviynt helps modern enterprises scale cloud initiatives while also solving the toughest security and compliance challenges. About Saviynt Saviynt's Enterprise Identity Cloud helps modern enterprises scale cloud initiatives and solve the toughest security and compliance challenges in record time. The company brings together identity governance (IGA), granular application access, cloud security, and privileged access to secure the entire business ecosystem and provide a frictionless user experience.

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DATA SECURITY,ENTERPRISE SECURITY,SOFTWARE SECURITY

Veza Announces Open Authorization API to Extend Identity-First Security Across the Enterprise Data Landscape

Veza | December 02, 2022

Veza today announced that its Open Authorization API (OAA) is now public on GitHub for community collaboration, extending the reach of identity-first security across the enterprise. Developers can now create and share connectors to extend the Veza Authorization Graph to all sensitive data, wherever it lives, including cloud providers, SaaS apps, and custom-built internal apps, accelerating their company’s path to zero trust security. Security professionals espouse the principle of ‘Least Privilege’ to secure enterprise data, but the rush to a multi-cloud, multi-app environment has exploded the complexity and layers of interconnection for which access must be understood, monitored, and constantly remediated to achieve and maintain least privilege. Recent attacks on Okta and Twilio demonstrate that companies are allowing overly-broad access to data via constructs of groups, roles, policies, and system specific permissions. Veza connects the dots of effective permissions across cloud providers, SaaS apps and identity platforms, making it easy to visualize who can view or delete sensitive data. OAA allows organizations and the broader community to create their own integrations with Veza, extending visibility to any resource, including SaaS apps like GitLab and Jira as well as custom-built internal apps. “The vast majority of cybersecurity failures are rooted in issues with the gap that exists between identity, access to data, and permissions,” said Tarun Thakur, co-founder and CEO, Veza. “Since our founding, we have been committed to protecting our customers from threats like ransomware, privilege abuse, and data breaches. With Veza Open Authorization API, we are extending our identity-first security approach broadly in the market and arming organizations with the tools they need to remediate undesirable and unnecessary data access at a granular level, and meet the requirements of access governance for enterprise systems, both on-premises and in the cloud." With Veza's Open Authorization API, customers can translate and visualize authorization metadata from any SaaS app, custom and in-house applications. Users can explore identity-to-data relationships through the Authorization Graph, monitor for least privilege misconfigurations and violations, and conduct comprehensive entitlement reviews for all of their sensitive data. “We specifically chose Veza because their Open Authorization API allowed us to connect to our custom internal applications. We follow the principle of least privilege, but with so many systems to review, we valued Veza’s unique ability to give us a comprehensive view quickly. They made it faster and easier for our team to review all permissions with confidence.” -Riaz Lakhani, CISO of Barracuda Networks. As an open-source project on GitHub, Veza’s Open Authorization API allows customers and partners to learn from, and build upon, each other’s work to create a control plane that reaches all data. By bringing OAA SDK and connectors available on GitHub Community, Veza empowers customers to ingest authorization metadata previously isolated in internal systems and SaaS applications. The OAA community has already created integrations for critical SaaS apps including GitHub, GitLab, Bitbucket, Jira, Zendesk, Slack, Coupa Software, Pagerduty, and Looker. These integrations are available now to all Veza customers. “Veza solves the problem of aligning identities to data,” said Craig Rosen, Chief Security & Trust Officer at ASAPP. “Veza’s Open Authorization Platform helped us extend that visibility to all the apps and data that matter most to us, like GitHub and Jira. Now it is easy for our security professionals to understand (and remediate) who has access to our important intellectual property.” About Veza Veza is the authorization platform for data. Built for hybrid, multi-cloud environments, Veza enables organizations to visualize, remediate, and control who can and should take what action on what data. We empower customers to take an identity-first approach to secure data by addressing critical business needs of streamlining identity and access governance, implementing data lake security, managing cloud entitlements, and modernizing privileged access. Our Authorization Graph connects identities to data across enterprise systems, enabling analysis, monitoring, and certification of end-to-end access. Global enterprises like Blackstone, ASAPP, Barracuda Networks, Choice Hotels, and a number of Fortune 500 and emerging organizations trust Veza to secure their enterprise data. Founded in 2020, Veza is headquartered in Los Gatos, California, and is funded by Accel, Bain Capital, Ballistic Ventures, GV, Norwest Venture Partners, and True Ventures.

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