Advisen’s cyber event data to augment Arceo’s innovative platform, making cyber insurance more efficient and effective
SAN FRANCISCO, October 15, 2019 — Arceo.ai, provider of the leading end-to-end cyber risk analytics and insurance platform, today announced it has extended an agreement to enhance its cyber risk solutions with Advisen’s Cyber Loss Data.
Advisen is the leading provider of data, media, and technology solutions to the property and casualty insurance industry. The Advisen Cyber Loss Data is a relational database on more than 95,000 cyber events, which include unauthorized disclosures, thefts or disruptions of customer and employee data, corporate assets, and systems.
The agreement leverages Arceo’s expertise in cybersecurity, data science, and insurance by providing ongoing access to a broad set of data on cyber events.
“Arceo has deep expertise in analyzing and interpreting cybersecurity and insurance data,” said Ben Beeson, head of insurance at Arceo. “Working with Advisen provides access to the largest set of commercially available data on cyber incidents and will drive significant value for our customers in measuring, mitigating and transferring cyber risks.”
Dr. Ann Irvine, head of data science at Arceo, added: “Achieving a clear understanding of cyber risk requires data, thoughtful and appropriate analytic techniques, and domain expertise to ask the right questions and interpret results. Our interdisciplinary team of data science, insurance, and cybersecurity experts is excited to continue to use Advisen’s Cyber Loss Data to enable insurance brokers, underwriters, and insureds to improve their cyber risk management.”
“Our partnership brings together granular data with Arceo’s industry-leading, patented capabilities to better understand cybersecurity trends and the cost of cyber threats to organizations,” Beeson said. For example, a recent analysis conducted by Arceo using the Advisen Cyber Loss Data found that data breaches were 70 times more costly to a small and medium-size enterprises than large organizations. This hammers home the importance of cyber insurance coverage even for smaller organizations who are increasingly targeted by attackers, he noted.
Arceo expects to issue additional findings from its cyber data analyses in the future.
Arceo’s mission is to secure enterprises from cyber threats by blending cybersecurity expertise, credible risk assessments, and risk transfer. Our end-to-end cyber risk analytics and insurance platform enables insurers and brokers to better assess, underwrite, and manage cyber risks using AI for advanced and dynamic risk assessment. Arceo is privately funded and headquartered in San Francisco, California with offices in Chicago, Baltimore, and New York. For more information, visit Arceo.ai
About Advisen Ltd.
Advisen is the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market. Advisen’s proprietary data sets and applications focus on large, specialty risks. Through Web Connectivity Ltd., Advisen provides messaging services, business consulting, and technical solutions to streamline and automate insurance transactions. Advisen connects a community of more than 200,000 professionals through daily newsletters, conferences, and webinars. The company was founded in 2000 and is headquartered in New York City, with offices in the US and the UK.
Dan Prince for Arceo.ai
Lisa Sharp for Advisen Ltd