Insurance broker Marsh has unveiled the inaugural class of cybersecurity products and services receiving a Cyber Catalyst designation that is part of an evaluation program its backers hope will bring greater clarity in the crowded cybersecurity marketplace.
Cyber Catalyst by Marsh, launched earlier this year, convened cyber insurers Allianz, AXIS, AXA XL, Beazley, CFC, Munich Re, Sompo International and Zurich North America to identify products and services they consider effective in reducing cyber risk. Marsh said more than 150 cybersecurity offerings, spanning a broad range of categories from hardware to messaging security to Internet of Things (IoT) security, were submitted for evaluation.
Under the program, the selected cyber insurers evaluate the cybersecurity offerings that address major cyber risks such as data breach, business interruption, data theft or corruption, and cyber extortion. Microsoft is a technical advisor to the insurers. Marsh does not itself take part in the evaluations.
Insureds that adopt Cyber Catalyst-designated products may be considered for enhanced terms and conditions on individually negotiated cyber insurance policies with participating insurers. Marsh said it has worked with each participating insurer to establish endorsement wordings that reflect the coverage enhancements that those insurers might offer to Marsh clients that adopt one or more Cyber Catalyst-designated solution…