By Ryan Smith
Mosaic Insurance has announced the launch of a platform to help underwriters evaluate cyber risk for brokers and insureds. The platform is powered by California-based Safe Security, a provider of cybersecurity and digital risk quantification management.
Mosaic will utilise Safe Security’s cyber risk assessment platform, SAFE, which gives users a real-time view of the extent and nature of a company’s cyber risk.
“We’re truly excited about the cyber risk assessment capabilities we now have thanks to our partnership with Safe Security,” said Liam Jones (pictured above left), head of business development at Mosaic. “The technology gives us deep network visibility and puts the focus on cyber risk controls and culture. It’s a powerful differentiator to be able to link cybersecurity measures to insurance coverage in this way.”
The SAFE platform’s models predict the likelihood of cyber breaches across a corporate environment, MOSAIC said. Using APIs, SAFE gathers signals from existing cybersecurity products, external threat intelligence, and business context to assess possible cyber exposure.
“Cyber is the most technical risk globally, but the underwriting process remains largely unscientific today,” said Pankaj Goyal (pictured above right), senior vice president of artificial intelligence and cyber insurance at Safe Security. “Safe Security is evolving cyber insurance underwriting, making it data-driven through an inside-out analysis.
“We link security controls to financial exposure, helping underwriters make faster and better insurance decisions. Mosaic has been pushing the boundaries of innovation in insurance. We are glad to partner with Mosaic’s team to help insureds become more secure.”
Safe Security will help Mosaic underwriters see the complete cybersecurity score for a company, in addition to industry benchmarks. The platform also gives underwriters insights on related financial exposures, helping them to determine proper coverage limits and design appropriate coverage and pricing.
“The insurance industry has long been encumbered by legacy systems and an underwriting process that lacks technical quantification,” said Yosha DeLong (pictured above centre), global head of cyber at Mosaic. “Now we have the opportunity to push innovation into all aspects of our cyber underwriting for the benefit of brokers and customer partners. We look forward to working with Safe Security to help cyber underwriting evolve and accurately account for the investment our insureds are making into their cybersecurity culture.”
Cyber is the fastest-growing of Mosaic’s seven lines of business. Its other lines include transactional liability, financial institutions, political risk, political violence, and professional liability.
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