Public Funding for Bewica Limited

no public description

"Cyber insurance generates c£3bn in annual premiums globally (expected to reach c£16 bn by 2025). However, cyber insurance penetration is still comparatively low, particularly with SMEs. Cyber risk quantification has been a challenge for the insurance industry due to limited historical data and the highly dynamic nature of cyber risk. The insurance industry has responded to this with cautious risk selection and exclusions, making cyber insurance a product which is hard to access for some businesses. At the same time insurers are also at risk of taking on more accumulated risk than is prudent. Cybernaut (an Autonomous Cyber Risk Insurance Agent) aims to address this by combining Artificial Intelligence (AI), data science, cyber security and economics into a single end-to-end underwriting platform to quantify cyber risk and its financial impact. Bewica has developed a minimum viable product (MVP) algorithm based on machine learning (ML), which was used to predict the likelihood of a specific business suffering a cyber breach over a 12-month period. In the proposed project, Bewica plan to build on the MVP to develop and commercialize the Cybernaut platform using advanced AI/ML techniques. Bewica will offer a platform which provides SMEs real-time updated risk assessment, management and insurance services. Cybernaut will also provide insurers with tools for more accurate and real-time risk selection/pricing."