Safe Security has launched an MGA specialising in cybersecurity called SafeInside Insurance.
The firm said in a statement that the MGA looked to leverage 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 insurance policies for companies hosted in one or a combination of the public cloud service providers and SaaS solutions.
Saket Modi, co-founder and CEO of Safe Security, said: “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.”
He added: “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.”
The firm said that the underwriting process through SafeInside takes fewer than 20 minutes to assess an organisation. All insureds also receive access to the SAFE CRQM platform, which simultaneously accumulates signals using APIs from existing cybersecurity products, external threat intelligence, and business context to provide visibility into possible areas of cyber exposure, and the exact financial risk associated with those cyber exposures.
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.
Steven Schwartz, VP of insurance strategy and underwriting at Safe Security, said: “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.”
He added: “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.”
