Insurance broker and risk adviser Marsh has announced a second group of Cyber Catalyst-designated solutions that leading cyber insurers believe can be effective in fighting cyber risks, including ransomware and data management.
The Cyber Catalyst by Marsh program, now entering its third year, brings together insurers Allianz Global Corporate and Specialty, AXA XL, Beazley, CFC, Munich Re, Sompo International, and Zurich North America to evaluate cybersecurity products and award the Cyber Catalyst designation to those they believe can meaningfully address cyber risk.
In this round, the program encouraged vendors to submit products and services that addressed the top five current cyber threats identified by the participating insurers: ransomware, data management and privacy regulation, supply chain/vendor management, cloud migration/management, and social engineering. More than 90 cybersecurity products were submitted for consideration, and the following 15 earned the Cyber Catalyst designation:
“The Cyber Catalyst designees reflect today’s escalating cyber threat environment, particularly ransomware, which continues to intensify in frequency and severity among organisations of all sizes,” said Tom Reagan, US and Canada cyber practice leader at Marsh. “In total, the program now showcases more than 30 products and services that can help organisations make more informed, confident cybersecurity purchasing decisions and improve their cyber risk management outcomes.”
Organisations that adopt Cyber Catalyst-designated products may be considered for enhanced terms and conditions on individually negotiated cyber insurance policies with insurers that participate in the program, Marsh said.