Mosaic Insurance partners with Safe Security
Specialty insurer Mosaic Insurance has partnered with California-based Safe Security to help underwriters evaluate cyber risk for brokers and insureds.
As part of the partnership, Mosaic will leverage Safe Security’s 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.”
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 visibility into possible cyber exposure. The platform will help 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.
Founded in 2012, Safe Security raised ~$49 million and one investor is MS&AD Ventures.
“We’re truly excited about the cyber risk assessment capabilities we now have, thanks to our partnership with Safe Security. 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.” – Liam Jones, head of business development at Mosaic.
“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. 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.” – Pankaj Goyal, SVP of Artificial Intelligence and Cyber Insurance at Safe Security.