Incyde Risk, a new cyber facility powered by Safe Security, led by Mosaic 1609, and supported by other participating Lloyd’s syndicates, has launched to provide up to $25 million in capacity on a primary and first-excess basis, focusing on mid-market US corporate risks.
“The partnership is profound, as it pairs expert underwriting with highly specialized risk assessment and quantification,” said Mark Wheeler, Co-CEO of Mosaic. “Safe Security is the de facto industry standard to measure, manage, and transfer cyber risk, and its resulting analytics allow enhanced risk selection combined with objective client differentiation. Such a dynamic scenario equips Incyde Risk to deliver preferential coverage and pricing that reflect individual clients’ demonstrable commitment to cyber security.”
Incyde Risk, co-created with pioneering technology firm Safe Security, is focused on US companies with more than $100 million in revenue across financial services, retail, professional services, wholesale, and technology—the primary customer segment served by Safe.
“Safe is thrilled to partner with Mosaic and leading Lloyd’s syndicates as the core technology driving the next generation of cyber insurance underwriting with Incyde Risk,” said Saket Modi, Co-Founder and CEO of Safe Security. “This is a true testament to the value of quantitative, inside-out underwriting and the changing relationship between insured and insurer. It enables us to add more value to our customers, reducing volatility and adding significant efficiency to the underwriting process with comprehensive insurance aligned with their actual cyber-risk posture.”
Safe’s ground-breaking technology non-intrusively assesses cyber risk on an “inside-out” basis to better understand an organization’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. Safe’s platform simultaneously accumulates cyber-risk telemetry and signals, using APIs, from more than 100 cloud, software as a service (SaaS), cybersecurity products, and external threat intelligence.
“Our mission is to accelerate and align the global cyber-risk transfer marketplace through transparent underwriting, underpinned by quantified, inside-out cyber-risk data and assessments,” said Steven Schwartz, VP, Insurance Strategy & Underwriting, Safe Incyde Risk.
Notably, Incyde Risk also offers customers global 24/7 incident response and experienced in-house claims handling by Mosaic.
About Incyde Risk
Incyde Risk is a pioneering Lloyd’s-backed, quantitative, API-based cyber underwriting entity that offers clients real-time ‘inside-out’ assessments of their breach likelihood, plus dollar-value risk analysis across a variety of cyberattacks. Powered by Safe Security’s ground-breaking technology, Incyde Risk provides proactive risk management, comprehensive breach response, and specialized, data-driven insurance coverages.
About Safe Security
Safe Security is the leader in cyber risk management SaaS platforms. It has redefined cyber-risk measurement and management with its real time, data-driven approach that empowers enterprises, boards, regulators and cyber insurance carriers to understand cyber risk in an aggregated and granular manner. Using Safe’s predictive AI-driven data models, co-developed with MIT, customers are now empowered to translate the bits and bytes of cyber risk into dollars and cents so they can prioritize their cyber investments to most effectively mitigate their risk and understand the return on security investments. Having raised over $100M, Safe is growing over 200% year-over-year and serves some of the largest global enterprises. visit https://www.safe.security/cyber-insurance.
About Mosaic
Mosaic is a global specialty insurer with exceptional expertise, a focus on complex products, and an award-winning, digitized operating model. We underwrite for trade clients alongside our own Lloyd’s Syndicate 1609—offering worldwide access coupled with local insights across seven lines of business in seven countries. We harness the heritage of Lloyd’s and benefit from the market’s global licenses and financial-strength ratings. Visit mosaicinsurance.com and follow us at @Mosaic1609.
