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Shearwater's Xcina arm teams up with Moorhouse to develop apps for cyber insurance market

"Our aim is to ensure that our customers have full protection and awareness of their business risks for long-term stability and business longevity," said Lyndon Wood, the chief executive officer of Moorehouse

The first app will enable SMEs to maintain appropriate insurance levels and access remedial cyber services to address critical weaknesses

Data technology firm Shearwater Group PLC (LON:SWG) said its portfolio company, Xcina, has hooked up with the insurance broker, Moorhouse Group.

Xcina, which specialises in governance, compliance and information security issues, will work with Moorhouse to develop cyber risk technology solutions and mobile applications for the mass insurance market to provide an end-to-end response service for all policyholders.

READ: Shearwater sales rise overshadowed by widening losses

The partnership will see the roll-out of a series of applications and services aimed at risk assessment, threat detection, incident response, critical resource application and a virtual cyber incident response team, to address the shortfall in the number of UK small and medium-sized businesses purchasing adequate cyber insurance policies.

The first app is due to hit the cyberstores next month and will be made available to Moorhouse’s client base, which numbers in excess of 46,000.

Shearwarter said the app will enable businesses to maintain appropriate insurance levels and access remedial cyber services to address critical weaknesses.

"This partnership is a significant development for Xcina as it continues to drive our national digital resilience agenda. Moorhouse shares our commitment to providing bespoke, tailored solutions that ensure SMEs have the right policies, processes and technologies in place,” declared Mo Stevens, the chief executive officer of Shearwater.

"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. Our collaboration will help address this within the insurance market,” he added.

Lyndon Wood, the chief executive officer of Moorehouse, said the collaboration with Xcin underscored its commitment to enabling small and medium-sized business to accurately assess their risk profile and therefore choose the right cyber insurance policy.

Quick facts: Shearwater Group PLC

Price: 184 GBX

Market: AIM
Market Cap: £43.56 m

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