This week I had the incredible honor to represent Coalition at a White House meeting convened by President Biden on cybersecurity policy. In addition to the President, I joined Tim Cook, Sundar Pichai, Satya Nadella, Andy Jassy, and other leaders from the technology, finance, energy, and education sectors to discuss the strategic importance of protecting America’s business interests in the face of a growing wave of cyber attacks.
Being included as one of the few insurance providers to speak alongside the likes of Apple, Microsoft, Google and AWS sends a clear message: stopping ransomware isn’t just a technology problem, it’s a risk management problem.
The reality is that no technology is 100% secure; attack tactics and techniques are constantly evolving, and a sophisticated malware attack can start from just one wrong click. Insurance companies have a unique view into the technology and vulnerabilities that actually result in financial losses for their policyholders. There is no industry in the world with more data on managing cyber risk and no industry better positioned to incentivize the controls that reduce the likelihood or success of a cyber attack in the first place.
At Coalition our approach is to incentivize cybersecurity best practices that demonstrably decrease the risk of ransomware and other cyber threats. We encourage companies to take measures such as disabling insecure remote network access, implementing multi-factor authentication, and actively monitor their risk through our Coalition Control platform. When technology solutions are paired with the right incentives and the right support, the results are clear: Coalition policyholders saw one-third as many claims as the broader cyber insurance market in 2020.
Coalition, together with the broader cyber insurance industry, can play a fundamental role in increasing cybersecurity hygiene at scale and offer a critical lifeline to companies caught in the crosshairs of bad actors. Cyber incidents are bringing all kinds of organizations to a grinding halt from large corporations to local school districts and doctor’s offices. With the help of cyber insurance these organizations can get back to serving their communities quickly, and yet a significant majority are uninsured or underinsured.
Our mission to deliver security for all means we are focused on providing protection for businesses of all sizes. In my conversation with the President I committed that Coalition will offer every company in America free access to our Coalition Control platform to help protect their business from ongoing cyber risks. The platform includes continuous attack surface monitoring, recommendations on how to close security vulnerabilities, and a downloadable risk assessment to help organizations control their cyber risk exposure. Coalition is making this risk management platform available at: coalitioninc.com/securityforall
We are also prepared to partner with the government, the private sector, and academia to share insurance claims data in the hopes we can work together to reduce losses not only across the organizations we insure, but across all organizations. This commitment is just the beginning of Coalition’s work to provide security for all. I look forward to sharing the outcome of further conversations with legislators, technology leaders, and the policyholders we’re working to protect.