10139707ARMOREX - Next Generation Cyber InsuranceClosedCollaborative R&DInnovate UKCybersecurity is a major medium-term threat to the UK economy with SMEs, which make up 99% of UK businesses, being particularly vulnerable. According to the 2021 Joint Cybersecurity Advisory (CISA/NSA/FBI/ACSC)/NCSC), ransomware, together with the increased use of Ransomware-as-a-Service (RaaS), is the biggest cyber threat facing the UK. A report produced by RPC shows that only a fraction of ransomware attacks are reported to the ICO, 654 in 2021 representing a 100% increase over the 326 in 2020\. Many SMEs face financial, technical skills and human resource challenges. According to the Cyber Security Breaches Survey 2021 (UK.GOV), only 13% of small businesses and 17% of medium-sized businesses had a specific cybersecurity insurance policy in 2021\. SMEs with inadequate cybersecurity in place also run the risk of large fines being enforced by the ICO. Security certification schemes such as Cyber Essentials, the NCSC-backed cyber security initiative, aims to protect SMEs against the most common forms of cyberattacks. Although Cyber Essentials has admirable intentions, the scheme has several shortcomings: * self-assessment and checklist format * does not adequately address advanced cyber threats such as ransomware and supply chain attacks Being Cyber Essentials compliant will not necessarily reduce cyber insurance premiums for SMEs and it does not negate the risk of ransomware attacks or possible ICO fines. Many SMEs lack the time, money and resources to actively monitor their IT systems, especially those with less than 50 employees. Being unable to prove they have robust cybersecurity in place means SMEs pay high cyber insurance premiums - if they can afford it. The mission of ARMOREX is to help insurance companies provide better insurance policies to the SMEs by providing solutions for real-time monitoring of an organization's IT infrastructure and device usage and calculate the organizational cyber risk score that can be used by the insurance providers to provide more customised but inclusive cyber insurance covers. Our pioneering products are aimed at bringing advanced cyber-security risk assessment tools to enable Dynamic Pricing in cyber insurance, helping the UK's businesses stay cyber-resilient in the ever-evolving landscape of cyber threats, and contributing to the UK's objective of becoming a more secure and innovative nation.