First-Of-Its-Kind Program Convenes Leading Cyber Insurers to Evaluate Cybersecurity Offerings
Marsh, a global leader in insurance broking and innovative risk management solutions, announced the launch of Cyber Catalyst by Marsh, a new way to assist organizations in making more informed choices about cybersecurity products and services to manage cyber risk.
“Organizations want the best possible protection against fast-evolving cyber threats, but many struggle to navigate the crowded cybersecurity marketplace”
The Cyber CatalystSM program brings together leading cyber insurers to identify and evaluate solutions they consider effective in reducing cyber risk, giving organizations greater clarity in an increasingly complex cybersecurity marketplace. The initial group of insurers includes Allianz; AXIS; AXA XL, a division of AXA; Beazley; CFC; Munich Re; Sompo International; and Zurich North America, which collectively represent a substantial portion of gross written premiums in the $4 billion global cyber insurance market. Microsoft will be a technical advisor to the participating insurers, providing counsel on the products and services being evaluated.
Participating insurers will evaluate cybersecurity offerings that address major cyber risks, such as data breach, business interruption, data theft or corruption, and cyber extortion, with the goal of better equipping organizations to select cybersecurity solutions that can have a meaningful impact on cyber risk.
Products and services considered by participating insurers to be effective in reducing cyber risk will be given the designation of “Cyber Catalyst”. Organizations that adopt Cyber Catalyst-designated solutions may qualify for enhanced terms and conditions on individually negotiated cyber insurance policies with participating insurers.
“Organizations want the best possible protection against fast-evolving cyber threats, but many struggle to navigate the crowded cybersecurity marketplace,” said Thomas Reagan, US Cyber Practice Leader, Marsh. “With Cyber Catalyst by Marsh, our clients and other organizations can have greater confidence that they are implementing cybersecurity tools that can have a meaningful impact on reducing the cyber risks they face.”
Read More: The Artificial Intelligence Week