HAMILTON, Bermuda & PALO ALTO, Calif.--(BUSINESS WIRE)--Mosaic Insurance has launched a pioneering platform powered by California-based Safe Security to help underwriters evaluate cyber risk for brokers and insureds.
Mosaic leverages Safe Security’s award-winning cyber risk assessment platform, SAFE, which offers a real-time view of the extent and nature of a company’s enterprise-wide cyber risk, allowing the most accurate exposure analysis, coverage, and pricing for brokers and insureds.
“We’re truly excited about the cyber risk assessment capabilities we now have, thanks to our partnership with Safe Security,” said Liam Jones, 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 machine-learning models predict the likelihood of cyber breaches across a corporate environment. SAFE simultaneously accumulates signals—using APIs—from existing cybersecurity products, external threat intelligence, and business context to provide unprecedented visibility into possible cyber exposure. The platform relieves the burden of multiple applications and question sets for clients seeking cyber insurance, and assists underwriters to proactively manage portfolios.
“Cyber is the most technical risk globally, but the underwriting process remains largely unscientific today. 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,” said Pankaj Goyal, Senior Vice President of Artificial Intelligence and Cyber Insurance at Safe Security. “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 helps Mosaic underwriters see the comprehensive cybersecurity score of a company, along with industry benchmarks. The platform also provides insights on related financial exposure, enabling underwriters to determine adequate policy coverage limits, and ultimately design appropriate coverage and pricing for the insured.
“The insurance industry has long been encumbered by legacy systems and an underwriting process that lacks technical quantification,” said Mosaic’s Global Head of Cyber, Yosha DeLong. “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.”
Driven by high market demand, global uncertainty, and attacks on systems and software, cyber is the fastest growing of Mosaic’s seven lines of business. The company’s other divisions include transactional liability, environmental liability, financial institutions, political risk, political violence, and professional liability.
Mosaic is a next-generation, global specialty insurer harnessing visionary leadership, exceptional underwriting talent, a focus on complex product lines, and a digitized operating model. Coupling Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency, Mosaic is uniquely positioned to offer capacity and custom service to clients in markets around the world. We leverage the legacy of Lloyd’s, along with the market’s global license network and financial-strength ratings: A, Excellent Outlook (AM Best); A+, Strong Outlook (Standard & Poor’s); AA-, Very Strong Outlook (Fitch Ratings).
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About Safe Security
Safe Security Inc. is a leader in cybersecurity and digital business risk quantification management, with a mission to build a safer digital future. Safe’s cyber risk quantification and management (CRQM) platform enables organizations to manage cyber risks in real-time. Its platform automatically collects signals from inside and outside a company’s environment to give the company-specific cyber risk rating, or SAFE Score, the financial impact of a potential breach, and an action plan. This enables organizations to have a common language across teams—from the board all the way down to an analyst—to align with a consistent risk metric. Other benefits include justifying investments in cybersecurity and purchase of cyber insurance for the organization. For more information, visit https://www.safe.security/cyber-insurance.
The information contained herein is for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any product or service. Any description set forth does not include all policy terms, conditions and exclusions. Bound insurance policies, rather than summaries thereof, govern. Not all insurance coverages, products or terms may be available. US risks may be placed in the surplus lines market; surplus lines insurers do not participate in US state guaranty funds and coverage may only be obtained through duly licensed surplus lines brokers. Contact Mosaic or your broker for additional details.