Marsh announces “first of its kind” programme

Marsh announces “first of its kind” programme | Insurance Business

Marsh announces “first of its kind” programme

 

Marsh has announced the release of a new program that brings together a host of top insurers from across the industry to help organizations manage their cyber risk.

The first group of insurers taking part includes Allianz, AXIS, AXA XL (a division of AXA), Beazley, CFC, Munich Re, Sompo International, and Zurich North America. Under the Cyber CatalystSM program, these insurers will identify and consider solutions that will help to reduce cyber risk, such as data breach, business interruption, and corruption.

A tech giant will also be taking part – Microsoft will act as a technical adviser to the participating insurers, giving counsel on those products and services being evaluated.

Read more: How insurers work with cyber experts to help prevent attacks

The first group of insurers taking part include Allianz, AXIS, AXA XL (a division of AXA), Beazley, CFC, Products and services deemed to be effective in reducing cyber risk will get the designation of “Cyber Catalyst,” and organizations that use those solutions could qualify for enhanced terms and conditions on individually negotiated cyber insurance policies with the insurers taking part.

“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 at 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.”