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Security player Shearwater Group’s portfolio company Xcina has formed a partnership with insurance company Moorhouse Group to produce applications and services to help insurers improve cyber security cover for small and medium-sized enterprises (SMEs).
Most small businesses do not currently have cyber insurance policies that provide them with enough protection and the partnership’s plan is to make a range of services, including threat detection, incident response and risk assessments, available to the insurance market.
The first app, a risk assessment tool that will enable SMEs to assess the risks that threats could pose, will be launched next month and will be rolled out to Moorhouse’s 46,000 clients.
Shearwater’s link-up with Moorhouse comes just six months after it made its last move to increase its presence in the security market with the acquisition of Brookcourt.
Michael Stevens, group CEO at Shearwater, said that there was a significant opportunity in the SME community for providers of cyber security insurance.
“It is estimated that more than 60% of UK businesses describe their cyber insurance as not being based on an accurate assessment of their firm’s individual risk,” he said. “Our collaboration will help address this within the insurance market.
“This partnership is a significant development for Xcina as it continues to drive our national digital resilience agenda.”
Lyndon Wood, CEO of Moorhouse, said his company had a simple ambition to make sure customers were protected against threats. “Our aim is to ensure that our customers have full protection and awareness of their business risks for long-term stability and business longevity,” he said.
“This collaboration with Xcina underscores our commitment, as a trusted insurance service partner, to enable SMEs to accurately assess their risk profile and choose the right cyber insurance policy to protect their business.”