Arceo, cyber resilience solutions provider, has launched a new platform that allows insurance carriers to automate and strengthen their cyber insurance solutions, to increase security of their insureds.
Arceo allows insurance carriers in handling cyber insurance policy quoting at scale and to serve small-and-medium-size enterprises (SMEs).
As per a survey by Advisen, SMEs is the fastest growing cyber insurance segment which represents 90% of new buyers.
As per the company’s own research, cyber incidents can impact SMEs severely with financial losses averaging 3.4% of revenue versus 0.5% for the overall market.
Arceo’s platform can scale SME policy management with a transparent modeling process that can enhance underwriting, accelerate quoting and provide insureds with actionable technical cyber resilience guidance.
Arceo.ai CEO Raj Shah said: “Cyber incidents are one of the most important risks facing businesses. For the insurance industry, this represents a significant, but challenging opportunity for growth.”
“Our combined team of security and insurance practitioners has enabled us to build a platform for the insurance industry to create and deliver meaningful cyber resilience solutions for their customers.”
The company stated that cyber resilience is the combination of risk mitigation and accelerated recovery to reduce the total impact of a cyber incident and cybersecurity is about stopping or limiting the scope of an attack.
Arceo’s advisory board member and Bayer’s global chief information security officer Gary Harbison said: “The level of sophistication of evolving cyberattacks facing companies today continues to be a challenge for much of the private sector.
“Arceo’s new model of cyber resilience is an exciting way to address cyber risk holistically while sharing learnings from cyber risk investment and analytics across a range of companies.”
Government Communications Headquarters (GCHQ) former director and Arceo advisory board member Sir Iain Lobban said: “The role of intelligence is to reduce the gap between ignorance and knowledge: analytics make all the difference.
“Arceo’s strategy of bringing data science to bear on the worlds of cyber risk mitigation and cyber risk transfer can be a game-changer in building real cyber resilience for businesses and our critical infrastructure.”