Arceo.ai releases New Platform to Enhance Cyber Insurance Solutions
By Enterprise Security Magazine | Monday, February 25, 2019
Arceo.ai, a San Francisco, CA-based company, which is a leading provider of cyber resilience solutions, launches a unique platform that enables insurance carriers to automate and enhance their cyber insurance solutions while enhancing the security of the insureds.
Cyber crimes are one of the most critical risk factors for businesses today. It poses the biggest hindrance to the growth of a company. While cyber insurance addresses financial loss and recovery costs, cyber resilience offers risk mitigation and accelerated recovery to reduce the total impact of a cyber incident. In order to experience growth in the cyber insurance market, it is imperative to bridge the gap between the insurance and cybersecurity worlds.
Arceo’s new platform enables insurance companies to handle cyber insurance policy quoting at scale, which helps to serve small-and-medium-size enterprises (SMEs). According to a survey by Advisen, SMEs are the fastest growing cyber insurance segment which represents 90 percent of all the new buyers. Furthermore, a research by Arceo states that cyber incidents impact SMEs severely, resulting in a financial loss which averages 3.4 percent of the revenue versus 0.05 percent for the overall market. The new platform by Arceo helps to make a transparent modeling process by scaling the SME policy management. The scaling of SME policy management also enhances underwriting, accelerates quoting, and provides customers with actionable technical cyber resilience guidance.
Based in San Francisco, California, Arceo was founded in 2016 by a team of data scientists, cybersecurity engineers, and cyber insurance experts along with experienced advisors and investors. The company’s cyber resilience platform enables insurance carriers and brokers to scale distribution of cyber insurance while reducing cyber risks for their insureds. The Arceo platform is also bridging the gap between cyber insurance and cybersecurity with advanced risk analytics.