ERMIS: A Cybersecurity Market for Assurance and Insurance-as-a-Service
Antonios Paragioudakis, Michail Smyrlis, Georgios Spanoudakis · 2025
Today’s cyber systems and services depend on robust and reliable cybersecurity assurance mechanisms to manage the inherent uncertainties of the digital environment and build trust across complex, interconnected ecosystems. Traditional defences alone cannot keep up with evolving threats, driving the adoption of innovative approaches to cyber risk management. Moreover, as attacks grow in sophistication and frequency, comprehensive cyber insurance is essential to cover residual risks and protect organizations from potentially devastating financial and reputational damage. However, insurers often face challenges in accurately quantifying cyber risk due to a lack of standardized data and evolving threat vectors. As a result, policies can be outdated or offer limited and inconsistent coverage. This underscores the need for more transparent, data-driven, and adaptable insurance solutions that can effectively align with the complexities of modern cybersecurity demands. This paper presents the cyber-insurance and assurance solution of the EUfunded ERMIS project. The ERMIS solution aims to offer cybersecurity assurance and insurance as a service through an innovative marketplace platform. By integrating and deploying a suite of tools and mechanisms, it provides end-to-end support for cyber risk assessment, security certification readiness models, and insurance underwriting.