Cyber Insurance and Cyber Risk

It’s been a while since my last update and I’m keen to resume sharing my learnings as Berea grows. Over the last two years we’ve actively been working in the field of cyber risk, predominantly in web marketing and cloud dispute guidance, and as such the natural progression for the company was to move into cyber insurance.

When we started looking at the cyber risk field it quite quickly became clear that there were five key risk aspects for the typical SME business. Each aspect in itself is complex when applied bespoke to an enterprise, however from a birds-eye view we determined that with a few fundamental precautions in place, the vast majority of UK based small to medium sized businesses could effectively manage roughly ~90% of the biggest cyber threats they faced. It naturally followed that by applying these learnings, Berea could create a highly effective risk-managed cyber insurance solution.

We determined the best way to approach the creation of such a solution was through a pre-application assessment. This assessment enables us to risk-manage early on, ensuring a business can access each of our different insurance cover modules. This approach to risk management would be further reinforced by supporting the policy with a suite of invaluable risk awareness and risk management resources. Once we knew what our solution would look like, the only remaining detail was its name!

Branding our cyber insurance solution was a natural progression. As the suite was to be composed of, in a logical order, cyber risk awareness, cyber risk management and cyber risk insurance, the acronym of AMI immediately became apparent. My high-shool French kicked in, reminding me that AMI also translates to friend, and thus Cyber AMI was born. Cyber AMI therefore is the Cyber Risk Awareness, Risk Management and Insurance solution designed from the ground up specifically for the UK based SME.

Over the next few months I plan to post a number of articles sharing our experience in developing and distributing our cyber risk solutions. Should anyone have any questions, or would like an article on a specific topic, I’d be more than happy to share what I can.

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