Cyber insurance expands in preparation of breaches, fallout

Coalition CEO Joshua Motta found himself at a table in Washington, D.C., seated with Apple CEO Tim Cook, IBM CEO Arvind Krishna, JPMorgan Chase CEO Jamie Dimon, and several other technology, financial and infrastructure industry luminaries.

Discussing how public and private sector could work together to stem the growing tide of high-pact breaches.

Motta had a seat at the table of this high-level cybersecurity summit, hosted by President Joe Biden, because Coalition is one of the largest insurance technology (insurtech) companies in the world, and one of the top providers of cyber liability insurance for businesses in the United States.

And, as Motta points out, even among various types of financial firms, insurers arguably have the most to lose when breaches cause major damage.

“There is no industry better positioned to fight cybercrime than the insurance industry,” Motta said. “Insurers have one thing in common that others do not: a direct financial incentive to protect insured clients and prevent financial loss.”