A new press release reports, “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.”

The release continues, “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.”

Raj Shah, CEO of Arceo.ai, noted, “Cyber incidents are one of the most important risks facing businesses. For the insurance industry, this represents a significant, but challenging opportunity for growth… 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.”

Read more at Business Wire.

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