Project Introduction
Funded by HEFCW and the Research Wales Innovation Fund, the project sought to evaluate the effectiveness of cyber risk insurance as a risk management tool for Welsh small and medium sized businesses (SMEs). Very quickly into the project, we realised cyber risk insurance is just one (albeit important) layer of a robust approach to cyber resilience, with adequate cyber security measures being equally vital, if not more important.
To this end, we partnered with a Welsh insurance broker that specialises in cyber risk insurance (Thomas Carroll), and a Welsh cyber security firm (PureCyber) in order to get a good understanding of both facets of cyber resilience. These partnerships have been valuable in developing our research on the subject but also in delivering an effective cyber training for Welsh SMEs. We also partnered with the Federation of Small Businesses and Superfast Business Wales, so that we can reach more SMEs with a view to understanding the appetite and approach of Welsh SME’s towards cyber risks. We utilised these organisations not only in reaching out to their members but also in engaging them in our training events.
The academic leads of this project are Professors Baris Soyer and George Leloudas and Ms Angela Nicholas (Project Officer).
