The main findings of the research project, Cyber Risk Insurance: Building Resilience in Wales, funded by Research Wales Innovation Fund (HEFCW), were presented on 28 June in Cardiff to an audience made up of SME representatives, policymakers, cyber security specialists and cyber insurance market participants.
Several market specialists were also presented at the event (namely, Thomas Atkinson (Brit Insurance); Celso De Azevedo (Enterprise Chambers); Gareth Bateman (Marsh); Pablo Constenla (Marsh); Tom Draper (Coalition); Professor Ozlem Gurses (King’s College London); Mark Sullivan (Thomas Carroll); Damon Rand (Purecyber); Janthana Keenprakhamrol (Tapology) and Professor Siraj Shaikh (School of Mathematics and Computer Science, Swansea University)), providing a great opportunity to discuss how cyber security and insurance could be integrated.
The project led by Professors Leloudas and Soyer and Research Officer Ms Angela Nicholas (also supported by research assistants Ms Nicole Dele-Alufe and Dr Alicia Mackenzie), has engaged with SMEs in Wales over the last 2 years to understand their attitude to cyber risk insurance and evaluate the prospect of changes that need to be made in cyber risk policies, to ensure that they can be of more practical use for SMEs, and are utilised in a more effective manner as a risk mitigation tool.
As part of this project, successful training events were held across Wales (Swansea, Cardiff, New Port and Wrexham) in collaboration with partners Purecyber, Thomas Carroll Group Plc and the Federation of Small Businesses. The academic findings of the project were recently published in the Edinburgh Law Review (2023).