The benefits of adopting technology are enormous; and if you don’t, your competitors will.
But as organizations race to adopt new technologies, they also face new risks. Today, cyber and technological risks are the most pervasive and severe risks faced by organizations globally.
It’s ironic then that the accepted solution for cyber risk is even more technology — cybersecurity technology. However, despite $120bn of annual spending on cybersecurity defenses, cybercrime alone is estimated to cost organizations over $1.5 trillion per year.
After an exhilarating career at the intersection of technology, intelligence, and cybersecurity, Coalition co-founder Joshua Motta realized that traditional approaches to cybersecurity were broken. His background led to a breakthrough notion:
After all, John was previously the founder of Lookout, one of the fastest growing and most innovative start-ups in the security space. He agreed with Joshua that cybersecurity was too expensive and complex, making it inaccessible to all but the largest corporations.
At that point, the two realized they not only shared a mission — to solve cyber risk — they agreed that by combining cybersecurity software and services to prevent and mitigate risks, with insurance to transfer them, they could help solve one of the most pervasive risks facing organizations.
So they gathered some of the best technical minds they knew, and the two set out to build a Coalition.
This means not only preventing security failures, but helping organizations mitigate and recover from them when they occur. Resiliency!
And our approach is catching on. Coalition currently has more than 10,000 customers who have insured over $12 billion of their risk.
We’re excited to continue democratizing access to cybersecurity for everyone, all the while sharing our customers’ incentives to prevent and mitigate losses.