Arceo flies into US cyber insurance space
San Francisco-based outfit Arceo.ai has emerged from stealth with the debut of a platform that lets insurance carriers automate their cyber insurance solutions.
The firm says whereas cybersecurity stops or limits the scope of an attack, cyber insurance addresses financial loss and recovery costs. Its aim is to bridge the insurance and cybersecurity worlds.
“Cyber incidents are one of the most important risks facing businesses. For the insurance industry, this represents a significant, but challenging opportunity for growth,” explains Raj Shah CEO of Arceo.
According to the start-up, it lets insurance carriers handle cyber insurance policy for SMEs. Arceo cites its own research that shows cyber incidents impact SMEs with a financial loss averaging 3.4% of revenue versus 0.05% for the overall market.
Its platform offers SME policy management and helps with underwriting, quoting, and provides insureds with technical cyber resilience guidance.
The team behind Arceo comes with some interesting aviation experience. (Cue Top Gun music.)
Shah was most recently managing partner of the Pentagon Defense Innovation Unit Experimental (DIUx) in Silicon Valley. Prior to DIUx, Raj was CEO of Morta Security, a start-up acquired by Palo Alto Networks. He began his career as an F-16 pilot in the US Air Force.
President, and CTO, Vishaal “V8” Hariprasad previously stood up the Cyber Threat Alliance at Palo Alto Networks after the acquisition of Morta Security where he was a co-founder. V8 served as a cyber operations officer in the US Air Force and the National Security Agency (NSA) with overseas deployments and is a graduate of the Air Force Academy.
Ben Beeson also joined the Arceo team as a founding member and head of sales. Prior to Arceo, he was leading Lockton’s cyber risk practice. He brings 20 years of experience in the insurance industry to the team.
The Arceo advisory board also has some very handy knowledge. Some of the people come with experience at the White House, the Pentagon, the US Department of Defense, and the UK’s largest intelligence and security agency, Government Communications Headquarters (GCHQ).