“We’re really excited about the cyber risk assessment capabilities we’ve got thanks to our partnership with Secure Security,” said Liam Jones (pictured left), Mosaic’s head of business development. “The technology gives us deep network visibility and a focus on cyber risk controls and culture. Connecting cyber security measures to insurance coverage in this way is a powerful differentiator.
The SAFE platform’s models predict the likelihood of cyber breaches in a corporate environment, MOSAIC said. Using APIs, SAFE collects signals from existing cybersecurity products, external threat intelligence, and the business environment to assess potential cyber exposure.
“Cyber is the most technological risk globally, but the underwriting process today remains largely unscientific,” said Pankaj Goyal (pictured above right), senior vice president of artificial intelligence and cyber insurance at SafeSecurity. “Secure Protection builds cyber insurance underwriting that is data-driven through an internal-external analysis.
“We connect security controls with financial exposure, helping underwriters make faster and better insurance decisions. Mosaic is pushing the boundaries of innovation in insurance. We are pleased to partner with Mosaic’s team to make policyholders more secure.
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Secure Security allows Mosaic underwriters to look at a company’s overall cybersecurity score in addition to industry benchmarks. The platform provides underwriters with insights into relevant financial exposures, helps determine appropriate coverage limits and helps design appropriate coverage and pricing.
“The insurance industry has long been plagued by legacy systems and an underwriting process that lacks technical scalability,” said Yosha Delong (pictured above), Mosaic’s global head of cyber. “We now have the opportunity to drive innovation in all aspects of our Internet underwriting for the benefit of brokers and client partners. We look forward to working with Safeguard to help cyber underwriting grow and accurately measure the investment our insurers are making in their cybersecurity culture.
Cyber is Mosaic’s fastest-growing seven-line business. Its other lines include: Transaction liabilityFinancial institutions, political risk, Political violenceand professional liability.
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