ARMOREX

Market Need

More than 50% of SMEs are not adequately protecting themselves against evolving cyber attacks, and 75% do not employ IT personnel. As a result, over 50% of organisations outsource their IT, yet struggle to meet cyber insurance requirements, leading to an increase in insurance costs.

Insurers need a novel cyber-security assessment solution to accurately understand the cyber risks facing SMEs. Without this, dynamic insurance pricing will remain elusive, hampering customer confidence, driving up premiums, and intensifying complexity in pricing models.

Solution

ARMOREX is developing an intelligent solution to help SMEs access cyber insurance cover.

The solution combines security checks and questionnaires to give insurance providers insights into an SME’s cybersecurity status, to minimise their risks and payouts.SMEs can also install ARMOREX Smart Agent on their devices to gain insights into their cyber risk profile.

ARMOREX risk scores adapt as SME cyber practices evolve. This allows insurance carriers to align policies and prices with actual risk, reducing uncertainty and leading to more affordable insurance for SMEs who manage their cyber risks effectively.

Target Market

• Small and medium-sized enterprises (SMEs) seeking to strengthen their cybersecurity posture and secure affordable insurance, and the insurance providers who underwrite their policies.

Status

• Proof of concept and testing complete.

Needs

• Funding to transition from proof of concept to minimum viable product.