Arceo.ai, the San Francisco-based first cyber resilience solutions provider, as per last month reports, has announced the debut of an automated cyber insurance solution platform.
The firm claims that although cybersecurity can stop or limit the scope of a planned attack, cyber insurance goes much deeper to address the cyber breach issue, which includes financial loss and recovery costs, bridging the much-needed insurance and cybersecurity gap.
Raj Shah CEO of Arceo, says: “Cyber incidents are one of the most important risks facing businesses. For the insurance industry, this represents a significant, but challenging opportunity for growth”.
The San Francisco-based startup enables insurance carriers to handle cyber insurance issues and policies for small and medium enterprises. Moreover, Arceo ventures deep into the cyber insurance space by citing its own research data, showing how cyber incidents have impacted the SMEs, with an average financial revenue loss of 3.4% versus the 0.05% overall market loss.
The Arceo platform with its policy management offering for SMEs helps the insureds with underwriting and quoting technical cyber resilience guidance. The team at Arceo has the proven track record and expertise with this along with some interesting aviation experience.
Shah, prior to joining Arceo as CEO, was most recently managing partner of the Pentagon Defense Innovation Unit Experimental (DIUx) in Silicon Valley, and prior to that, he was the CEO of Morta Security – a start-up acquired by Palo Alto Networks. He began his professional career as an F-16 pilot in the US Air Force.
The Arceo’s advisory board also has a pretty impressive background, with people having experience working at the White House, the Pentagon, the US Department of Defense, and the UK’s largest intelligence and security agency – Government Communications Headquarters (GCHQ).