Saket Modi is the Co-founder and CEO of Safe Security, a Cyber Risk Quantification and Management (CRQM) Platform company. A computer science engineer by education, he founded Safe Security in 2012 while in his final year of engineering, along with Rahul Tyagi and Vidit Baxi. Saket enjoys trying global cuisines, photography, and surprising his friends by playing the grand piano.
M.R. Rangaswami: What is it really like to work with John Chambers (an investor in your company) – what is the single most valuable advice he has given you?
Saket Modi: It’s incredible to work with John. He’s someone who has seen the economy and businesses move and reshuffle not once but multiple times. The most valuable advice he’s given us at Safe is to focus on customers. It reflects in our core value of keeping the customer first, always.
M.R.: What trends do you see in the Cyber insurance market: Who is buying, what about rates – say something the readers can take action on?
Saket: In Safe’s 2023 Cyber Insurance market outlook, we observe a trend wherein premium rates stabilize. Insurance carriers are adapting to new ways of underwriting cyber risks with an evolving threat landscape compounded with improved cybersecurity practices and investment with end-insureds.
Carriers have raised the bar for entry for cyber insurance, increasing the information security requirements for organizations to qualify to obtain coverage. Coming out of a hard market, we are now seeing more competition, with more carriers open to underwriting cyber insurance again.
2023 is the year the cyber insurance industry will introduce “inside-out” underwriting. They will leverage continuous, real-time, and precise cyber risk insights to effectively link the cyber insurance policy with the insured’s cybersecurity posture. With two-plus years of significant premium increases amidst reductions in coverage, insureds who have been investing in cyber security want to be acknowledged and rewarded by their cyber insurance partners and are more willing than ever to share “inside-out” cyber risk telemetry in a non-intrusive way.
M.R.: What are the top cyber risks you see in your customer base that are simple to mitigate for enterprises – with the highest ROI?
Saket: I don’t think we know a simple answer here. While customers are worried about ransomware and data breach the most, they increasingly want to model different possible risk scenarios dynamically. It is no longer about which risk is the most probable hypothetically.
Customers want to understand the reality of their cyber risk posture and act accordingly. Organizations we have interacted with understand that risk is subjective – varying with the industry, geography, and annual revenue. Security and risk leaders want to understand how their company is positioned in the present and compare their cybersecurity status with future cyber risk scenarios. That’s where Cyber Risk Quantification and Management (CRQM) solutions, such as the Safe Platform, help them.
SAFE allows them to build custom risk scenarios in their environment – enabling them to demonstrate and measure the likelihood of their organization being breached, the financial impact of possible breach scenarios, and a prioritized list of actions to improve security posture and reduce risk in a manner that maximized returns on security investment (ROSI).
M.R. Rangaswami is the Co-Founder of Sandhill.com