2nd Mar 2015 09:55
LONDON (Alliance News) - Falanx Group Ltd Monday said it has agreed a joint venture deal with insurance underwriting agency Principia Underwriting to develop a range of new insurance products in the cyber insurance space.
"As cyber threats become more complex, it is becoming increasingly challenging for insurers to provide cover without the client's proof of active cyber risk management. It is therefore vital that the insurance industry tackles the growing concern around systemic risk in the provision of cyber cover," Falanx Group Chief Chief Executive John Blamire said in a statement.
The initial pilot service will be rolled out "imminently", according to the company. It is expected that a full pilot service will be rolled out in September 2015, with full product delivery anticipated to commence in 2016.
Falanx shares were up 4.2% at 31.25 pence on Monday.
By Samuel Agini; [email protected]; @samuelagini
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