Cyber resilience and enhancing insurance accessibility for UK small to medium sized enterprises • City St George's, University of London

ARMOREX is a cyber insurance startup, spun out from City St George’s, University of London and supported by Innovate UK’s CyberASAP programme.

By Dr Shamim Quadir (Senior Communications Officer), Published Tuesday, 15^th April 2025

In a rapidly evolving cyber-threat landscape, small to medium sized enterprises (SMEs) are particularly vulnerable to cybersecurity threats, with cybersecurity incidents increasing by 15% annually.

ARMOREX, is a new, innovative cyber security solution startup company, which aims to address this urgent issue by equipping SMEs with tools to clearly understand and significantly improve their cyber posture.

Co-founded by Veniamin Boiarkin, Project Lead at ARMOREX and Doctoral Researcher at the School of Science & Technology, City St George’s, University of London and Professor Raj Rajarajan,, Director of the Cybersecurity Institute at City, St George’s, ARMOREX is a spin out company of the University.

Through intelligent assessments and AI-driven analytics, ARMOREX aims to empower SMEs to proactively manage risks, thereby ensuring they meet cyber insurance eligibility requirements with confidence.

Veniamin Boiarkin explains:

Much like the devastating wildfires that left businesses uninsured in California, we see a parallel threat emerging digitally.
Without clear evidence of robust cybersecurity practices, SMEs risk being unable to secure essential cyber insurance. ARMOREX ensures UK businesses are adequately prepared and protected.

Veniamin Boiarkin presenting at the CyberASAP Demo Day

ARMOREX’s platform not only aims to simplify the cybersecurity landscape for SMEs but also significantly streamline underwriting processes for insurers.

Its mission directly supports critical UK government cybersecurity and AI initiatives, aligning closely with government recommendations such as CyberEssentials certification and the proposed Cyber Security and Resilience Bill.

By empowering SMEs to adopt stronger cybersecurity controls, ARMOREX aims to enhance national resilience in line with the UK National Cyber Strategy.

Additionally, through advanced AI-driven analytics, ARMOREX is at the forefront of the UK’s National AI Strategy and AI Opportunities Action Plan, promoting innovation and improving business security standards across industries.

Pre-seed funding

In August 2024, ARMOREX received pre-seed funding of £58,000 from Innovate UK Business Connect, a function of UK Research and Innovation (UKRI), UK Government’s non-departmental public body made up of seven research councils, plus Innovate UK and Research England.

Pre-seed funding is the foundational investment round that helps founders transform their initial concept into a viable business through market research, prototype development, and early customer validation

CyberASAP Demo Day

Watch a summary of the CyberASAP Demo Day below:

On the 26 February, the ARMOREX team presented their solution to an audience of ministers, investors and industry leaders at the Cyber Academic Startup Accelerator Programme (ASAP) Year 8 Demo Day at Canary Wharf, London.

CyberASAP is an initiative of Innovate UK Business Connect, and provides academics with the expertise, knowledge and training needed to convert their research into technologies, products and services in this key sector of the global economy. The programme creates a pipeline to move great cyber security ideas out of the university lab and into the commercial market.

Lisa Rowe, Senior Underwriter for Financial Lines and Cyber for Specialty MGA UK, the managing general agent that specialises in providing additional capacity for specialty lines of business, has been advising ARMOREX on its platform given the positive impact it could have for underwriters and their clients. Commenting on the product, Lisa said:

ARMOREX are making cyber insurance more accessible and affordable, addressing the pressing cybersecurity challenges faced bv SMEs and reinforcing their protection against these risks. Once this product is launched, businesses will benefit from a more efficient, streamlined and simple process when getting cyber insurance.

ARMOREX’s contribution to SMEs and the broader economy could be significant, targeting businesses across critical sectors such as Healthcare, IT and Telecoms, Hospitality, Manufacturing, and Finance.

Supporting these businesses may not only foster economic resilience but also promote sustained societal well-being.