Marsh has launched Cyber Catalyst by Marsh, a new program designed to help organizations in making more informed choices regarding cybersecurity products and services to manage their cyber risk.
Image: Cyber Catalyst will evaluate cybersecurity products and services on offer. Photo: courtesy of Pete Linforth/Pixabay.
According to the company, the Cyber Catalyst program will rope in some of the top cyber insurers to identify and assess solutions that are considered to be effective in lowering cyber risk. The program is expected to help organizations gain greater clarity in a growingly complex cybersecurity marketplace, said Marsh.
Munich Re, Zurich North America, Allianz, AXIS, Beazley, CFC, AXA XL and Sompo International will form the initial group of insurers who will be taking part in the program, said the company.
Microsoft will take up the role of technical advisor and will offer counsel on the cybersecurity products and services being assessed to the participating insurers.
The participants will assess cybersecurity offerings that address business interruption, data breach, data theft or corruption, and cyber extortion among other major cyber risks. The goal of the insurers in the program will be to better equip organizations to opt for cybersecurity solutions that can have a significant impact on cyber risk.
The cybersecurity products and services that will be considered by the participating insurers to be effective in lowering cyber risk will be designated as “Cyber Catalyst”. The initial Cyber Catalyst product designations are likely to be revealed in the second quarter of the year.
Marsh said that organizations that select Cyber Catalyst-designated solutions may qualify for better terms and conditions on individually-negotiated cyber insurance policies with participating insurance companies.
Marsh US cyber practice leader Thomas Reagan said: “Organizations want the best possible protection against fast-evolving cyber threats, but many struggle to navigate the crowded cybersecurity marketplace.
“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.”
Earlier this year, Marsh launched a new online cyber self-assessment tool that integrates the latest insights on cybersecurity best practices. The cyber self-assessment tool has been designed to give clients a strong cybersecurity program diagnostic while serving as a single application for cyber insurance, thereby optimizing the procurement process.