Ongoing Work
Whilst the initial project has come to an end, we are still very much involved in this area. We have been granted a Smart Partnership by the Welsh Government to work with PureCyber in developing a new product that caters for the needs of SMEs. This grant enabled us to recruit an associate, Malgorzata Kupiec, in 2023. She has engaged in research conducted in collaboration with PureCyber, a leading cybersecurity consultancy, that seeks to overcome the challenges described above. The work she has carried out under the guidance of Professors Soyer and Leloudas provided valuable data to Purecyber in developing new and innovative products in collaboration with international partners that combine cyber security with indemnity. This approach was advocated in the article published in the Edinburgh Law Review (2023 at pp. 157-184) “Cyber Risk Insurance- An Effective Risk Management Tool for SMES in the UK?” by B. Soyer, A. Nicholas and G. Leloudas.
Professor Soyer, with Dr Jia, has embarked on a new project that aims to elaborate on how SMEs can make more use of commercial insurance products (including cyber risk insurance products) available in the market. As part of this project, we have engaged in interviewing SMEs with a view to understanding to what extent they utilise insurance as a risk mitigation tool, and if they do not what kind of support can be provided by insurers and insurance brokers to ensure that insurance is utilised as an effective risk mitigation tool. In the course of 2025, several engagement sessions with SMEs, insurers and other market participants were held in Wales and London. This research has been instrumental in developing guidelines for SMEs and also insurers and it is expected that the research will evolve and its scope will be broadened in the course of 2026.