A new SaaS platform that enables insurers and SMEs to assess and actively address ongoing cyber risks on a continuous basis has earned ITUS Secure Technologies the inaugural Ireland Recognition Award.
The company, which has offices in Co. Derry and Letterkenny, Co. Donegal, received the award at an innovation event in Iveagh House, Dublin, held by the Department of Finance and Lloyds Lab Accelerator Programme.
Continuous monitoring
Known as ITUS Protect, the platform continuously monitors an SME’s cybersecurity controls and its proactivity in managing cyber risk. It then translates the information into clear risk scores and alerts, helping businesses identify and address vulnerabilities. At the same time, the platform provides insurers with ongoing evidence of how a business is managing its cyber risk, rather than relying solely on traditional snapshots that capture a single moment in time when an insurance policy is bought or renewed.
In moving cyber insurance beyond the traditional reliance on snapshot assessments, the platform, enables more informed underwriting, more appropriate levels of cover, and better alignment and clarity between an SME's actual risk and the level of insurance required.
Insurtech innovation
The inaugural Ireland Recognition Award is part of a new strategic partnership between Ireland’s Department of Finance and Lloyds Lab to foster insurtech innovation and promote Irish expertise on a global stage. A dedicated Irish theme saw the chosen companies focus on key challenges identified by the Irish government of flood resilience, climate adaptation, cyber risk, the application of AI, export growth, and geopolitical risk.
ITUS Secure Technologies’ success at the event follows its selection as one of just 12 InsurTech startups chosen for Cohort 16 of Lloyds Lab after a competitive process involving more than 220 applicants worldwide. It was also the only Irish-registered company chosen for the recent Lab, which to date has seen alumni collectively raise more than £1.3 billion in investment, while 85% of Accelerator graduates have established commercial relationships with the Lloyd's market.
Tightening regulations
The recognition for ITUS Protect comes as insurers, brokers and businesses are preparing for a tightening of the cyber regulatory environment, including the implementation of the EU's NIS2 Directive in Ireland and the UK’s forthcoming Cyber Security and Resilience Bill.
Speaking about the award and the importance of ITUS Protect’s capabilities for SMEs and the insurance sector, CEO and co-founder of ITUS Secure Technologies, Dr Clare Ryan, said: “Cyber risk doesn't stand still for 12 months, yet we’re still using information to understand and insure risk for SMEs that’s usually just taken at a point in time.
"These are companies whose cyber risk varies greatly, as does their ability and proactivity in managing that risk. Some will remain on top of such risks, while others may fail to do so or be less proactive. The question for the insurance market has always been how to obtain real and reliable evidence of such changes and use it to make better risk decisions.
"That is the problem we have designed ITUS Protect to address. For SMEs, it provides a much clearer understanding of where their vulnerabilities lie, what actions they should take, and the level of cyber risk they are carrying. For insurers and underwriters, it provides ongoing evidence of how actively that risk is being managed.
"Receiving this award, and the validation we received in working with the partners, insurers and underwriters we met as part of the incredible Lloyds Lab programme, is a fantastic endorsement of ITUS Protect’s ability to ensure better risk management for SMEs and that such proactive behaviour can be evidenced rather than simply declared."
ITUS co-founder and COO Paul Daly added: “New cyber security regulations are increasing the need for SMEs and MSPs in particular to demonstrate how they manage their own risk and any they may be introducing into their customers’ supply chains.
"Our experience in the Lloyd's Lab reinforced that the insurance market recognises SMEs cannot simply be treated as smaller versions of large enterprises. They have different resources and requirements and different levels of cyber expertise.
"The sector now has an opportunity to connect practical cyber risk management with insurance much more effectively. We’re delighted that we’re going to be continuing to work within the Lloyds’ market to offer more clarity for SMEs around insurance need and costs and how they can better manage and assess their needs to create better outcomes for everyone.”
Since its establishment in 2018, more than 150 companies have graduated from the Lloyd's Lab. Alumni have collectively raised more than £1.3 billion in investment, while 85% of Accelerator graduates have established commercial relationships with the Lloyd's market.
ITUS Secure Technologies will continue to develop ITUS Protect within the Lloyd's market to provide new practical and affordable cyber risk and insurance solutions for SMEs, including MSPs, and insurers.
Further information on ITUS Protect is available at itusprotect.io.
