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Hackers make cyber insurance a growing business

Increasing risk for companies to be attacked by hackers demanding ransomware also means there is an increasing interest in paying for increased cyber insurances. San Francisco-based startup Coalition Inc announced it has raised more funds and that it will use new funding to expand overseas. The company has so far been operating in the US and Canada.

Coalition said it has raised USD 175 million in its latest funding round and that this means the company is valued at USD 1.75 billion.

The company is so far operating in the US and Canada but CEO Joshua Motta said new funding will be used to set up new insurance products and to expand overseas.

The latest round was led by San Francisco and London-based venture capital firm Index Ventures.

Coalition uses its technology to assess a customer’s cyber risks and and warn customers to they can prevent breaches.

The company says it has more than 10 000 customers who have insured over USD 12 billion of their risk.

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