Arceo.ai Launches to Bridge the Cybersecurity - Insurance Gap
SAN FRANCISCO--(BUSINESS WIRE)--Feb 20, 2019--Arceo.ai, the industry-first provider of cyber resilience solutions, today emerged from stealth with the debut of a unique platform that enables insurance carriers to automate and enhance their cyber insurance solutions, while increasing the security of their insureds.
Cyber resilience is the combination of risk mitigation and accelerated recovery to reduce the total impact of a cyber incident. Whereas cybersecurity stops or limits the scope of an attack, cyber insurance addresses financial loss and recovery costs. Bridging the insurance and cybersecurity worlds is a critical aspect of enabling the cyber insurance market to grow.
Arceo enables insurance carriers to handle cyber insurance policy quoting at scale and serve small-and-medium-size enterprises (SMEs), the fastest growing cyber insurance segment which represents 90% of new buyers according to a survey from Advisen. Arceo’s own research shows that cyber incidents impact SMEs severely with a financial loss averaging 3.4 percent of revenue versus 0.05% for the overall market. The Arceo platform scales SME policy management with a transparent modeling process that enhances underwriting, accelerates quoting, and provides insureds with actionable technical cyber resilience guidance.
“Cyber incidents are one of the most important risks facing businesses. For the insurance industry, this represents a significant, but challenging opportunity for growth,” offered Raj Shah, CEO of Arceo.ai. “Our combined team of security and insurance practitioners has enabled us to build a platform for the insurance industry to create and deliver meaningful cyber resilience solutions for their customers.”
Arceo has brought together a team of data scientists, cybersecurity engineers, and cyber insurance experts along with experienced advisors and investors.
The Arceo Founding TeamRaj ShahVishaal “V8” HariprasadBen BeesonDavis HakeMatthew Hall
The Arceo Advisory Board
Arceo is expanding its Advisory Board to include Gary Harbison, Sir Iain Lobban, Hemant H. Shah, Dr. Elizabeth Sherwood-Randall, and Mario P. Vitale. Together they bring a wealth of expertise from both the cybersecurity and insurance worlds:Gary HarbisonSir Iain LobbanHemant H. ShahDr. Elizabeth Sherwood-RandallMario P. Vitale
Arceo will present its innovative solution at the Advisen Cyber Risk Insights Conference taking place in San Francisco on February 20-21 where President and CTO Vishaal Hariprasad will be providing the keynote with Dr. Elizabeth Sherwood-Randall.
Arceo.ai is bridging the gap between cyber insurance and cybersecurity with advanced risk analytics. The Arceo platform enables insurance carriers and brokers to scale distribution of cyber insurance while reducing cyber risks for their insureds. Based in San Francisco, California, Arceo was founded in 2016 by U.S. intelligence veterans, data scientists, and cyber insurance specialists with funding from Lightspeed Venture Partners and CRV. For more information, visit www.arceo.ai
View source version on businesswire.com:https://www.businesswire.com/news/home/20190220005282/en/
CONTACT: Lauren Ames for Arceo.ai
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE SECURITY PROFESSIONAL SERVICES INSURANCE
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PUB: 02/20/2019 09:00 AM/DISC: 02/20/2019 09:01 AM