October Risk Roundup: Cyber insurance, security, and incident response? Must be a unicorn

by John B. Roberts.
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.

Coalition recently announced the results of our latest funding round, which increased our valuation to $3.5 billion. Our investors and partners all believe what we believe: Coalition is taking a meaningfully different approach to cyber risk and we are best positioned to help organizations of all sizes thrive in the new digital economy.

1. Cybersecurity and insurance startup Coalition scores $205M on a $3.5B valuation

In 2013, investor Aileen Lee dubbed startup companies whose valuation reached $1B as “unicorns”. Coalition reached that informal milestone in March 2021 — not long ago! But our customers and partners are driving incredible growth, and the opportunity is far bigger than a single “horn.” In animal math, our new valuation is 3.5 unicorns. Or maybe enough spikes to earn the label porcupine? If so, don’t be afraid: we’re reserving our defensive measures for adversaries. — John Roberts, Head of Product

View tweet here

2. Insurance firms losing ground to insurtechs

Customers are drawn to insurtechs over traditional insurance carriers as they seek a "frictionless digital experience" with better customer service. We employ a holistic approach to solving cyber risk for our policyholders, and our data-driven approach to underwriting means we take less time to decide to bind a policy. It's not just our policyholders who see the value in our approach — we recently received $205 million in additional funding from new and existing investors. We're excited to move forward with our mission to solve cyber risk and continue to put our policyholders first. Shawn Ram, Head of Insurance

View article here

3. Avoid this autumn password foible

There are thousands of bad guys doing the same thing you are — trying to figure out what a strong password looks like. Some passwords that are obvious choices (and should be avoided) include phrases relevant to your company, the app/service you’re registering for, or the current season or sporting event. Instead, use a passphrase based on data that’s tough to guess, like the name of your cousin’s roommate’s sister’s cat (Spaceballs: The Password). – Aaron Kraus, Security Engagement Manager

View tweet here

4. Default patching for Exchange servers

When the ProxyLogon vulnerability was disclosed there was talk of government agencies hacking affected Exchange servers to patch them, which is a dubious legal area, to say the least. Automatic software updates are the norm across many platforms, so it’s an interesting direction for Exchange that can have an enormous, positive impact on security. – Aaron Kraus, Security Engagement Manager

View tweet here

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!