Safe Security

Safe Security is a cyber risk quantification and management (CRQM) company leveraging artificial intelligence (AI) and machine learning (ML) to predict cyber attacks and help organizations assess cyber risk. The company offers solutions to both enterprises and cyber insurers, such as its flagship SAFE cyber risk management platform and the SafeInside cyber underwriting solution. Safe Security was incubated at the Indian Institute of Technology (IIT), Bombay, and was originally known as Lucideus before rebranding in 2021 to pursue US growth plans.

The SAFE platform provides organizations a holistic view of their cyber risk across their entire attack surface, including devices, users, and third parties. SAFE integrates with cybersecurity controls and external threat intelligence vendors via API, aggregating signals from across a company’s environment with business context understanding, and leverages predictive AI models co-developed with MIT to predict cyber breaches and provide comprehensive visibility of cyber posture. SAFE also allows organizations to evaluate their cybersecurity controls using the MITRE ATT&CK and D3FEND framework.

In June 2023, Safe Security launched the Cyber Risk Cloud of Clouds , a platform aggregating risk signals from various services and platforms, including Crowdstrike, Wiz, AWS, Azure, Google Cloud Provider, Qualys, Tanium, Rapid7, and ServiceNow. The platform also integrated a generative AI chat assistant, SafeGPT, to answer cyber risk queries and offer mitigation guidance.

The company also offers a cyber risk underwriting platform, SafeInside, which leverages its CRQM capability to assign each company a comprehensive risk score. Safe Security launched a cyber insurance managing general agent (MGA) in December 2022, backed by an AM Best A-rated carrier, to underwrite cyber insurance policies.

In July 2023, Safe Security announced it was in talks to acquire RiskLens , creator of the Factor Analysis of Information Risk (FAIR) cyber risk quantification standard, for an undisclosed sum, with plans to incorporate the FAIR standard into its platform, alongside Safe’s existing AI decision methodology.

Key customers and partnerships

Safe Security partnered with specialty insurer Mosaic Insurance in December 2022 to launch a cyber risk assessment solution leveraging the SAFE platform, providing Mosaic deeper cyber risk visibility for insurance underwriting. The companies announced a cyber risk incentive program in June 2023, offering benefits such as credit on premiums and expanded coverage to Mosaic policyholders.

As of August 2023, Safe Security’s customers included Pizza Hut, Freddie Mac, GSK, Raytheon, and Munich Re.

Funding and financials

In April 2023, Safe raised USD 50 million in a Series B funding round led by Sorenson Capital. The company planned to use the funds to further develop its data-driven cyber risk platform.

Safe has reportedly raised more than USD 100 million and disclosed growth of 200% for three consecutive years as of July 2023.