Joshua Motta, Founder and CEO of Coalition, advocates for the necessity of active cyber insurance due to the shortcomings of traditional approaches, highlighted by erratic rate fluctuations and the inadequate readiness of organisations facing escalating cyber risks.
Speaking at the Marsh McLennan Rising Professionals’ Forum, Motta pointed to the volatile rate fluctuations observed in the cyber insurance market, suggesting, “Typically, when we see rollercoasters like this in insurance, it suggests that the participants don’t know what they’re doing – which might actually be a valid criticism.”
He also highlighted organisations’ unpreparedness to handle cyber threats: “They are almost completely unprepared and do not have the balance sheets, in some cases, to survive a cyber event.”
Motta underscored the insurance sector’s struggle to adapt to the digital business landscape, noting how digital transformation has drastically changed the world while insurance practices have lagged behind.
Consequently, he stressed the necessity of moving away from traditional insurance approaches to effectively manage cyber risks.
Motta asserted, “In my humble opinion, you…
