“We’re in the middle of an industrial paradigm shift,” says Joshua Motta, CEO and co-founder of Coalition — a brand-new cybersecurity firm/insurer that launched Dec. 5, 2017. “Given the competitive benefits, it’s unthinkable for a business not to digitize everything. However, this puts them in a precarious position. Now they’ve got troves of data to protect and myriad new risks they must defend against.”
Still, technological solutions are available to mitigate such risks, are they not? Motta says … not entirely. “Cybersecurity is broken,” he says.
But what does that mean?
A risk management problem
Digital threats, Motta explained, are so pervasive that technology can be an “illusory solution” in the sense that that no amount of technology will save an organization from a perpetrator bent on compromising its security. That thinking, he notes, has to change, particularly from an insurance standpoint, for a perpetrator need only be right once. Cyber risk, he says, is “not a technology problem; it’s a risk management problem. There’s a human being at work, a criminal, who’s the perpetrator….
