Arceo.ai Launches to Bridge the Cybersecurity - Insurance Gap

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.

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.

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

Arceo has brought together a team of data scientists, cybersecurity
engineers, and cyber insurance experts along with experienced advisors
and investors.

The Arceo Founding Team

• CEO, Raj
  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 startup acquired by Palo Alto
  Networks. He began his career as an F-16 pilot in the U.S. 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 U.S.
  Air Force and the NSA with multiple overseas deployments and is a
  graduate of the Air Force Academy.
• Ben
  Beeson, a widely respected thought leader in the cyber insurance
  market, also joined the Arceo team as a founding member and Head of
  Sales. Prior to Arceo, Ben was leading Lockton’s cyber risk practice.
  He brings 20 years of experience in the insurance industry to the team.
• Davis
  Hake is responsible for Customer Engagement and Marketing at
  Arceo. Davis most recently was Director of Cybersecurity Strategy at
  Palo Alto Networks and held positions in the Federal Government,
  including the National Security Council of the White House, the
  Department of Homeland Security, and the U.S. House of Representatives.
• Matthew
  Hall leads sales engineering, providing innovative solutions to
  Arceo customers. Matthew has deep experience in enterprise security
  and was on the founding team at Morta Security.

The Arceo Advisory Board

Arceo is expanding its Advisory Board to include Gary Harbison, Sir Iain
Lobban, Hemant H. Shah, Dr. Elizabeth Sherwood-Randall, and Mario P.
Vitale. Together they bring a wealth of expertise from both the
cybersecurity and insurance worlds:

• Gary
  Harbison, currently the Global Chief Information Security Officer
  of Bayer, is a proven security leader with over 19 years of experience
  in the Information Security domain including roles at multiple global
  fortune 500 companies, as well as public sector experience with the US
  Department of Defense. Gary has a track record of developing security
  and risk management programs built to evolve with changing business
  needs and evolving threats.
  
  “The level of sophistication
  of evolving cyberattacks facing companies today continues to be a
  challenge for much of the private sector,” commented Harbison.
  “Arceo’s new model of cyber resilience is an exciting way to address
  cyber risk holistically while sharing learnings from cyber risk
  investment and analytics across a range of companies.”

• Sir
  Iain Lobban is the former director of the UK’s largest
  intelligence and security agency, Government Communications
  Headquarters (GCHQ). The last ten years of his career were
  characterized by the integration of intelligence and security in
  counter-terrorism operations, cyber defense, and support to the
  military campaigns in Iraq, Afghanistan and Libya.
  
  “The
  role of intelligence is to reduce the gap between ignorance and
  knowledge: analytics make all the difference,” commented Sir Iain.
  “Arceo’s strategy of bringing data science to bear on the worlds of
  cyber risk mitigation and cyber risk transfer can be a game-changer in
  building real cyber resilience for businesses and our critical
  infrastructure.”

• Hemant
  H. Shah co-founded Risk Management Solutions, Inc. and served as
  its CEO until March 2018. Mr. Shah is currently the co-Founder and CEO
  of Archipelago Analytics, Inc. He has been instrumental in the
  insurance industry’s adoption of data and science-driven modeling,
  from underwriting through capital management, and has advised hundreds
  of insurers, reinsurers, and financial institutions throughout the
  global market.
  
  “The risks that truly matter
  are increasingly tied to the digital assets, networks, and
  inter-connected systems that define our modern economy,” commented
  Shah. “At the heart of Arceo’s strategy are solutions that make
  cyber-related insurance coverage more relevant, accessible and vital,
  enabling the growth of the market and more resiliency for all.”

• Dr.
  Elizabeth Sherwood-Randall has served in multiple senior U.S.
  national security roles at the White House, the Pentagon and, most
  recently, as Deputy Secretary of the Department of Energy, where she
  spearheaded a major initiative with North American utility leaders to
  tackle emerging cyber and physical challenges to the American power
  grid. She is currently a Distinguished Professor at the Georgia
  Institute of Technology and a Senior Fellow at the Harvard Kennedy
  School Belfer Center for Science and International Affairs.
  
  “Cyber
  threats are on the rise, and U.S. critical infrastructure is in the
  sight lines of our adversaries. We need to build a national ecosystem
  that rallies the full strengths of our nation to tackle this growing
  challenge,” commented Dr. Sherwood-Randall. “Arceo is pioneering a
  model that will meet escalating needs across multiple sectors of the
  economy. I look forward to working with Raj, V8 and their experienced
  team to develop a full suite of options for customers who seek to
  raise their cybersecurity and acquire insurance against cyber risks.”

• Mario
  P. Vitale is the CEO of Vitality Risk providing consulting
  services to the insurance industry and private equity investors. Prior
  to this role he served as the CEO of Aspen Insurance, a leading
  specialty insurer, the CEO of Zurich Insurance Group’s Global
  Corporate business in North America and was CEO of Willis Towers
  Watson. Currently, he serves as Director of WNS Holdings, on the Board
  of Directors at Broad Street Partners, and as a member of the Board of
  Trustees at St. John’s University.
  
  “Having built
  insurance companies from the ground up, I believe the insurance
  industry is at its best when it embraces technology to meet evolving
  market needs,” commented Vitale. “The cyber insurance market is only
  just beginning to understand its potential and I’m excited about
  Arceo’s unique position to not just enhance underwriting of risk, but
  also deliver value back to the insureds.”

Arceo will present its innovative solution at the Advisen
Cyber Risk Insights Conference taking place in San Francisco on
February 20-21 where President and CTO Vishaal Hariprasad will be
providing the keynote with Dr. Elizabeth Sherwood-Randall.

About Arceo.ai

Arceo.ai is bridging the gap between cyber insurance and cybersecurity
with advanced risk analytics. The Arceo platform enables insurance
carriers and brokers to scale distribution of cyber insurance while
reducing cyber risks for their insureds. Based in San Francisco,
California, Arceo was founded in 2016 by U.S. intelligence veterans,
data scientists, and cyber insurance specialists with funding from
Lightspeed Venture Partners and CRV. For more information, visit www.arceo.ai

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