Mosaic launches cyber risk platform

Mosaic Insurance has launched a “pioneering” new platform in partnership with California-based Safe Security to help underwriters evaluate cyber risk for brokers and insureds.

Safe Security’s cyber risk assessment platform, Safe, offers a real-time view of the extent and nature of a company’s enterprise-wide cyber risk.

This helps Mosaic underwriters to 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 coverage limits, and ultimately design appropriate coverage and pricing for the insured.

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.

“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.”

“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,” said Pankaj Goyal, Senior Vice President of Artificial Intelligence and Cyber Insurance at Safe Security. “We link security controls to financial exposure, helping underwriters make faster and better insurance decisions.”

“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.”