August Risk Roundup: Look Ma, we made it (to the White House)!

by Stephanie Mangold.
The Risk Roundup is our weekly collection of curated content that relates to all things digital risk management. Members of the Coalition team have pulled together their favorite posts from the week that highlight relevant trends in cybersecurity and cyber insurance. Enjoy our TL;DR and useful snippets on topics we’re keeping a close eye on.

This week, Coalition had the honor of attending a White House meeting convened by President Biden on cybersecurity policy. CEO Joshua Motta joined industry leaders in technology, insurance, finance, energy, and education to discuss protecting America’s business interests as the cyber landscape continues to evolve. No technology is 100% secure, and solving cyber risk has always been a team sport that involves meaningful risk mitigation and incentivizing cyber best practices.

1. Companies offer support toward cybersecurity efforts

Coalition was also at the meeting, and committed to offering free attack surface management and risk reductions tools to every organization (really, for free). As our CEO, Joshua Motta said, “Stopping ransomware isn’t just a technology problem, it’s a risk management problem.” – Tiago Henriques, General Manager of Customer Security

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2. CEO Joshua Motta reflects on White House meeting

It’s difficult to explain to my friends and family that I handle cyber claims and work for Coalition, a world-leading insurtech. Most of them don’t understand the meaning of cyber in this context, and almost none know what an insurtech is. However, telling them that our CEO represented my company and colleagues in front of POTUS alongside the CEOs of Apple, IBM, and Google made an impact. We’re doing such great work, and I can’t wait to see where the next several years take us. – Rich Gatz, Claims Counsel

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3. Using geospatial property intelligence & GIS for risk assessment

Carriers must consider technological processes to adapt their methods to underwriting continuously. Coalition has been a leader in utilizing current technologies, processes, and methods to underwrite cybersecurity instead of the older, more antiquated methods common in the industry. It will be interesting to see which carriers take this concept and translate it to other lines of business. – Ross Warren, Production Underwriter

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4. China’s toughest data privacy law yet will come into effect on Nov 1

China has passed one of the worlds’ strictest data privacy laws, and companies need to be compliant by November 1, 2021. This law, which has not had the final and executed draft published, will put onerous requirements on businesses with mainland Chinese customers, including appointing a representative within the mainland of China for data compliance. Meeting all of the many requirements by November 1 will be a herculean effort for most companies, if it is possible at all. – Rich Gatz, Claims Counsel

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If you enjoyed this post be sure to check our blog weekly; the Risk Roundup runs Friday mornings in addition to more enlightening content we post related to the ever-evolving landscape of digital risk. Follow us on Twitter (@SolveCyberRisk), LinkedIn (Coalition Inc), and Youtube. If you have any suggestions for content that we should be adding to our reading list, let us know!