Global specialty insurer, Mosaic, and tech company Safe Security have launched a new initiative to incentivise clients with broader coverage and premium rating credits of up to 30% for sharing cutting-edge assessments of their cyber-risk profile.
According to the announcement, Mosaic x SAFEinside customers will benefit from insurance premiums directly linked to their respective, quantified cyber status, which has been labelled as their ‘SAFE Score.’
SAFE’s ground-breaking technology non-intrusively assesses cyber risk on an ‘inside-out’ basis to better understand an organisation’s real-time breach likelihood across a variety of cyberattacks, the transparent dollar-value risk per attack, plus any specific security gaps that could impact the customer’s overall cyber-risk exposure and underwriting.
The initiative’s incentives include: Credit of up to 30% on standard premium rating model; credit of up to 25% on usual retention/deductible levels; reduction in business-interruption waiting period; more comprehensive, broader coverage; and access to SAFE platform at no cost for three months post-bind.
The assessment process employs ‘read-only’ APIs. Customers own their credentials and access to SAFE risk-analysis details, and, by opting in, can integrate SAFE’s telemetry with their own public cloud service providers along with more than 50 industry-leading cloud, SaaS, and cybersecurity solutions.
Mosaic x SAFEinside customers also receive access to their unique SAFE environment to perform frictionless insurance renewal applications.
Saket Modi, CEO and Founder, Safe Security, said: “This is the first time the cyber insurance industry and a cyber-risk management technology provider are joining forces to significantly lower insurance premiums, with the primary customer proving cybersecurity posture based on the SAFE score.
“As SAFE continues to innovate our cyber-risk quantification and management platform, we are focusing on the insurance sector as a top vehicle to impact change and standardisation of this entire ecosystem.”
