Marsh's Cyber Catalyst evaluation program now open for submissions

Marsh's Cyber Catalyst evaluation program now open for submissions | Insurance Business America

Marsh

Global insurance broker and risk adviser Marsh has announced that this year’s Cyber Catalyst evaluation and recognition program is now open for submissions.

Under the program, products and services from cybersecurity vendors are evaluated by participating cyber insurers and awarded the Cyber Catalyst designation if evaluators believe that they can be effective against major cyber threats. In the inaugural 2019 program, more than 150 products and services were submitted for evaluation – with 17 ultimately receiving a Cyber Catalyst designation.

Read more: First-of-its-kind program tackling cyber risk is only the first step of many

Insurance firms Allianz, AXA XL, AXIS, Beazley, CFC, Munich Re, Sompo International, and Zurich North America will again participate in the evaluation and designation process in 2020. For this year’s program, participating insurers have identified what they see as the top five cyber risks in 2020: ransomware, data collection, supply chain/vendor management, cloud migration, and social engineering. Marsh encourages vendors to submit products and services that target these risks, but all eligible products and services will be evaluated. 

“With the Cyber Catalyst program, we are providing a significant metric to help our clients and other organizations identify cybersecurity solutions that insurers believe will really make a difference,” said Thomas Reagan, US cyber practice leader at Marsh. “We look forward to showcasing more valuable Cyber Catalyst designated solutions later this year that will help even more organizations improve their cyber risk management outcomes.”

The Cyber Catalyst program opens for product submissions on March 10, and designations are expected to be awarded in September.