Protos Labs featured in The Business Times

Protos Labs is honoured to share that we are a finalist for the Emerging Enterprise Award 2023. The award, organised by The Business Times and OCBC Bank, aims to recognise business innovation, resilience, and excellence in enterprises.

In this Business Times article, Joel Lee, CEO and co-founder of Protos Labs, shares his insights.

What technological trends does your business address?

Protos Labs addresses a critical challenge faced by insurers: how to insure against risks in a constantly evolving landscape. We integrate technologies such as AI, statistical modelling, threat intelligence, and cyber risk management into our underwriting methodology. This lets us adapt to the shifting cyber threat landscape in real-time.

What emerging trends in your industry will be important in the next three to five years?

One crucial trend in our industry will be the increasing importance of holistic risk prevention and transference solutions.

Demand for comprehensive approaches to managing cyber risks will grow substantially. This will complement existing risk mitigation solutions, such as antivirus products.

Our vision is to evolve into a specialist insurance company focused on cyber risk. We aim to bridge the gap between insurance and protection software: providing organisations not only with financial compensation in the event of a cyber incident but also with the tools and expertise needed to actively manage and reduce their cyber risks.

How do you plan to capitalise on regional opportunities?

The Asia-Pacific (Apac) region presents significant opportunities in cyber insurance, and we have a strategic plan to capitalise on them. In 2021, Apac emerged as the global epicentre for cybercrime – and a vast majority of businesses in Apac are small and medium-sized enterprises, of which less than 1 per cent have cyber insurance coverage.

One noteworthy opportunity is that most cyber insurance solutions in the Asian market are predominantly underwritten from Western perspectives, using Western-focused costs and datasets. There is a need for cyber insurance products tailored to the unique nuances, cost structures, and risk profiles of Asia.

By tailoring our solutions to the specific challenges and characteristics of the region, we aim to address the pressing need for region-specific products while contributing to improved cybersecurity practices for businesses.

As a finalist for this year’s Emerging Enterprise Award, what would you say has been the secret to your growth?

Firstly, we believe in the power of unlearning and relearning. While experience can be beneficial in navigating the complex field of cybersecurity, it can also be a hindrance if clung to too tightly.

We’ve learned that listening to market feedback, being willing to challenge our assumptions, and understanding customer pain points are critical to success. Participating in competitions with well-defined challenge statements has also allowed us to consistently refine our approach.

Secondly, our relentless determination to overcome the odds. The challenges faced by startups can be overwhelming, including market challenges, organisational hurdles, funding constraints, and talent acquisition difficulties.

We believe that success demands a responsive approach to feedback. It’s about knowing when to pivot and adapt based on market signals, while also knowing when to stand firm and press forward despite negativity.

For the full article, check out Building a winning business by driving digital change, Emerging Enterprise - THE BUSINESS TIMES