Global insurance broker Marsh has launched Cyber Catalyst which will help organisations make better informed decisions around cybersecurity products.
The new service will bring together cyber insurers to identify and evaluate solutions they consider effective in lowering cyber risk, giving organisations improved understanding around cybersecurity.
On launch, the group of insurers include Allianz, AXIS, AXA XL, a division of AXA, Beazley, CFC, Munich Re, Sompo International, and Zurich North America. Together, these insurers have a gross written premium of $4bn in the cyber insurance marker. Microsoft is acting as a technical advisor to those participating.
Members will evaluate cybersecurity offerings which address major cyber risks such as data breaches, business interruption, data theft or corruption, and cyber extortion.
Solutions which are determined to be effectively lowering cyber risk will be donned the mantle ‘Cyber Catalyst.’ An organisation which adopts a Cyber Catalyst-certified solution might be qualified to enhanced terms and conditions on cyber insurance policies from participating insurers.
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.”
The inaugural product designations are expected to be announced in the second quarter of the year.
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