We have taken the difficult decision to suspend the sale of our cyber insurance product in order to focus on our cyber risk platform. All our existing insurance customers will continue to be covered under their cyber policies and continue to receive the full service, however, we will not be offering renewals after these policies expire.
We are very proud of the insurance proposition we built. With the excellent feedback from our partners and clients, we kept on developing our insurance product and the technology platforms underpinning it.
However, over the last few weeks, the team came to the decision that it was time to start on the next phase of the Bewica journey which required us to stop selling cyber insurance, for now.
Bewica was founded to help SMEs and other organisations to protect themselves from cyber risks. Our ambition is to protect SMEs with fully automated ‘cyber security as a service’.
We see insurance as a key part of an overall protection approach and it was the first product we launched. Our main aim though is to prevent breaches from happening. In January this year, we therefore launched our beta cyber risk platform, an easy-to-use self-service portal.
We have received fantastic feedback from customers and partners that what we are building is really helping them be safer. The COVID-19 crisis has step-changed digitalisation and enhanced the risks from cyber attacks. In turn, demand for our risk management solutions has rapidly increased and we are excited to be working with three major partners from this summer.
It is now ‘all hands on deck’ to rapidly evolve our risk management solutions. Halting insurance sales gives us the breathing room to do this in a way that is sustainable for the business and our team.
We would like to thank everyone that has supported us on the journey so far and we hope that you will continue to follow us on our mission to help more and more organisations protect themselves from cyber risks.