Coalition acquires BinaryEdge as part of its “secret master plan”
San Francisco-based risk management and cyber risk startup Coalition announced the acquisition of BinaryEdge , a Swiss startup established in 2015 that scans the entire public Internet space and creates real-time threat intelligence streams and reports about a company. “We plan to integrate the BinaryEdge technology with our cyber insurance and security platform to give Coalition policyholders (and eventually all companies) access to security capabilities typically only accessible to large corporations.”
In a blog post titled The Secret Coalition Master Plan, or why we acquired BinaryEdge, author, co-founder and the CEO of Coalition, Joshua Motta, explains his company’s long term strategy to sell cyber insurance, use the money from selling cyber insurance to invest in an “all-out security platform with free tools, technology, and intelligence” to mitigate the risk of cyber, and finally, to use the data from that to build better insurance products.
Coalition, which went live in 2017 with the support of Argo and Swiss Re, offers “proprietary insurance products” with up to $10 million of cyber and technology insurance coverage in all 50 states and the District of Columbia. Pricing starts at $200 a year. Finally, it has raised $50 million across two rounds of investments since its inception making it one of the most well-funded cyber insurance intermediaries, followed by Corvus Insurance .
Bottom Line: Effective immediately, BinaryEdge’s Internet scanning technology is now monitoring the thousands of organizations that have selected Coalition as their insurance provider.