Shearwater's Xcina secures partnership with Moorhouse Group

Shearwater Group announced on Friday that its portfolio company Xcina, a provider of governance, compliance, technology risk and information security assurance and advisory services, has secured a partnership with UK insurance broker Moorhouse Group.

The AIM-traded firm said the partnership was developing cyber risk technology solutions and mobile applications for the mass insurance market, to provide an end-to-end response service for all policy holders.

It said the partnership would 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-to-medium enterprises purchasing adequate cyber insurance policies.

The first app would launch in February, and would be made available to Moorhouse's over-46,000 clients.

Shearwater said the risk assessment app would allow SMEs to assess a cyber threat and the risk it posed, generating reports to recommend next steps towards managing the risk and providing preventative measures as part of a wider digital resilience strategy.

The app would enable SMEs 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,” said Shearwater group chief executive officer Mo Stevens.

“Moorhouse shares our commitment to providing bespoke, tailored solutions that ensure SMEs have the right policies, processes and technologies in place.”

Stevens said it was estimated that more than 60% of UK businesses described 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.”

Lyndon Wood, chief executive officer at Moorhouse, added that his company’s aim was to ensure that customers had full protection and awareness of their business risks for long-term stability and business longevity.

“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,” Wood explained.