Insuranceciooutlook

Xcinia Teams Up With Moorhouse to Bestow Cyber Risk Technology Solutions For Insurance Market

By Insurance CIO Outlook | Thursday, January 31, 2019

The irreparable damage cyber attacks cause make cyber security a top priority for any enterprise. It is absolutely crucial to choose the right system to deter a security breach from occurring. Xcinia, the leading provider of digital resilience services including assessing and analyzing existing systems, processes, operations and advisory services partnered with the insurance broker Moorhouse Group Limited. The partnership's vision is to develop innovative cyber risk technology solutions and mobile applications for the mass insurance market providing an end-to-end response for Moorhouse's all policyholders.

The alliance will witness mount of a series of applications and services addressing the risk assessment, threat detection, incident response, and critical resource protection. Applications will also be supported by a virtual incident response team, addressing the shortfall in the number of UK SMEs purchasing adequate cyber insurance policies.

“Around 60 percent of UK businesses' cyber insurance is not based on an accurate assessment of their firm’s individual risk. Our security solutions will help to address this within the insurance market,” explained Michael (MO) Stevens, Group CEO at Shearwater.

The first version of the app will be launched in February 2019 and will be made available to Moorehouse's 46000+ clients. This risk assessment app will aid small and medium enterprises to assess a cyber threat and the risk it posits, generating reports and recommendations on the further requirement for maintaining appropriate insurance levels and access remedial cybersecurity services to address critical pain points. 

Both companies are equally committed to providing tailored solutions for ensuring small and medium enterprises with right policies, processes, and technologies, allowing them to play a crucial role in driving the agenda of national digital resilience.

Lyndon Wood, CEO at Moorhouse contributed, “We aim to ensure that the customers are aware and protected of their business risks for long-term stability and business longevity." He adds to it-"Our collaboration with Xcina highlights us as a committed, trusted insurance service partner, enabling SMEs to protect their business with right cyber insurance policy chosen by an accurate assessment of their risk profile."

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