How secure is a business really against a cyberattack? And if it were to come under attack tomorrow, would it be able to cope with the financial consequences and continue operating?
These questions are now on the minds of businesses of all sizes. Cyber threats are constantly evolving, and a data breach or service disruption can cause significant financial losses and undermine customer trust.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
This is precisely the challenge at the heart of ERMIS – cybERsecurity Market assurance and Insurance-as-a-Service (GA: 101128013), a European project funded by the Digital Europe program and set to conclude on October 31, 2026. Over the past three years, six organizations from Greece and Cyprus—including the Hellenic National Cybersecurity Authority and the two Cypriot companies, Insuretics and Nodalpoint— have collaborated with the common goal of linking cybersecurity with insurance, so that businesses can better protect themselves against cyber threats and more effectively address their consequences.
To date, cybersecurity and cyber insurance have often been treated as separate issues. The former focuses on preventing attacks and protecting systems, while the latter helps businesses cope with the financial consequences of an incident. In reality, however, these two aspects are closely linked. Cyber threats are constantly evolving, and a company’s security landscape can change at any moment—even if it has recently undergone an audit or already has insurance coverage.
ERMIS proposes a different approach: linking continuous cyber risk assessment, documented cyber assurance, and cyber insurance.
Through the ERMIS Marketplace, businesses, cybersecurity service providers, and insurance organizations can leverage a shared digital environment of services and tools. Rather than limiting risk assessment to a periodic audit, a business can gain a more systematic view of its security posture, identify vulnerabilities, and prioritize security investments. For small and medium-sized enterprises, which often have limited resources and specialized staff, this approach is particularly valuable.
At the same time, insurance companies can leverage more up-to-date and evidence-based data, paving the way for more accurate risk assessments and insurance products tailored to customers’ actual needs. Cybersecurity is thus transformed from a technical cost into a measurable business investment.
In recent years, through collaborations with industry professionals, workshops, and presentations, ERMIS has brought together experts from the technology, insurance, and business sectors. With its completion, the challenge now shifts to the practical implementation of the solutions that were developed.
After all, cyber resilience isn’t just about preventing an attack. It means knowing your risks, mitigating them, and being financially prepared to deal with the unexpected.
For more information, visit www.dep-ermis.eu
