Safe Security Inc., global leader in cyber risk quantification and management (CRQM), today launched SafeInside Insurance, the first cybersecurity Managing General Agent (MGA) leveraging API-based cyber risk telemetry and quantified insights to underwrite cyber insurance.
Backed by an AM Best “A-rated” carrier and panel of prominent, global reinsurance partners, SafeInside is introducing dynamic insurance policies for companies hosted in one or a combination of the leading public cloud service providers and leading SaaS solutions. For example, Amazon Web Services, Microsoft Azure and Microsoft Office 365, Google Cloud Platform and Google Workspace, Salesforce, and Zoom.
“Safe Security is thrilled to become the world’s first MGA for cyber insurance using actual cyber telemetry for underwriting. Our vision is to establish a new, de-facto industry standard for how cyber insurance is underwritten, and to provide more transparency between the investment in cybersecurity and cyber insurance. “We are paving the way for a sustainable, profitable cyber insurance ecosystem based on trust and certainty for all stakeholders. Safe Security looks forward to helping insurance buyers get the right cyber insurance policy at the right price for their organization’s specific requirements, as well as assisting brokers and underwriters make more informed decisions and dynamically adjust their portfolios.”
Saket Modi, co-founder and CEO, Safe Security
The underwriting process through SafeInside takes less than 20 minutes to assess an organization. All insureds also receive access to the SAFE CRQM platform, winner of the 2022 CISO Choice Award for Risk Management, which simultaneously accumulates signals using APIs from existing cybersecurity products, external threat intelligence, and business context to provide unprecedented visibility into possible areas of cyber exposure, and the exact financial risk associated with those cyber exposures.
With an objective of improving underwriting standards across the industry, Safe Security will also provide access to its cyber risk quantification platform to other carriers and reinsurers. Safe Security recently announced a partnership with Mosaic Insurance to offer real-time cyber risk evaluation.
“Safe Security’s inside-out approach is differentiated from existing market offerings by focusing on the most common techniques used by attackers and examining how attackers think and behave, not how internal IT teams think they behave,” added Steven Schwartz, VP of Insurance Strategy and Underwriting, Safe Security. “This approach removes subjectivity, allowing companies to answer questions about their security controls with precision instead of guess work, at all times. We are working with the entire insurance ecosystem to improve the standards of cyber underwriting.”
About Safe Security
Safe Security Inc. is a leader in cyber risk quantification and management (CRQM), with a mission to build a safer digital future. Safe Security’s CRQM platform – SAFE – 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.