Coalition Re unveils cyberthreat early-warning system
Coalition Re has unveiled Live Event Response, an offering that alerts cedants about policyholders who may be exposed to an unfolding cyberevent, such as a zero-day vulnerability.
Diana Liu, Coalition Re’s head of underwriting, said that recently the firm notified its cedants of policyholders in their portfolios being affected by a pair of critical vulnerabilities in Cisco ASA firewall devices.
“These vulnerabilities were observed to be actively exploited in the wild and were confirmed to impact hundreds of devices used by the United States Government,” Ms Liu said.
She said it is crucial for their cedants to be aware of these types of aggregating vulnerabilities so they can mitigate the active threat across their portfolio and reduce their cumulative exposure.
The alerts provided in Live Event Response are delivered via Coalition Re’s continuous, global internet-wide scanning of digital connections.
Alerts are reserved for select, high-risk vulnerabilities as designated by Coalition Re. While these reports are not a determination of breach or loss, they serve as an early-warning system and highlight which insureds may require attention to prevent compromise and the actual materialisation of loss.
“While direct contact with the insured in the first 72 hours of a discovered vulnerability is the most critical and effective at preventing loss, control of the client relationship always remains with our carrier partners,” Ms Liu said.
The new feature follows the introduction of Coalition Re’s Helios platform this year, which enables cedants to gain visibility into critical technology and third-party supply-chain vendor accumulations.