- Falanx Group has entered into heads of terms with Principia Underwriting for a joint venture to develop a range of new insurance products in the cyber insurance space requiring the deployment of Falanx's Protective Monitoring and cyber risk and defence consulting services.

Principia is an insurance underwriting agency representing certain syndicates at Lloyd's of London and a trading division of Aquila Underwriting that serves over 300 blue chip customers. The joint venture will make the Falanx Protective Monitoring Service a condition of Principia clients wishing to obtain cyber insurance cover. This will be the first application of a managed cyber security service into a cyber insurance product.

The initial pilot service will be rolled out imminently to early adopter clients. Under the heads of terms it is anticipated that a full pilot service will be rolled out in September with full product delivery anticipated to commence in 2016.

At 9:06am: [LON:FLX] Falanx Group Plc share price was +0.5p at 30.5p

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