Global insurance broker and risk adviser Marsh has announced the inaugural class of cybersecurity products receiving a Cyber Catalyst designation. The designation is “part of a first-of-its-kind program designed to bring organizations greater clarity in the crowded cybersecurity marketplace,” Marsh said.
Cyber Catalyst by Marsh, launched in March, convened cyber insurers Allianz, AXIS, AXA XL, Beazley, CFC, Munich Re, Sompo International and Zurich North America to identify products and services they considered effective in reducing cyber risk. More than 150 cybersecurity offerings were submitted for consideration, Marsh said.
Seventeen products were ultimately awarded the Cyber Catalyst designation:
“Cyber Catalyst is a groundbreaking approach to help organizations make well-informed decisions in the complex $125 billion cybersecurity marketplace,” said Tom Reagan, US cyber practice leader for Marsh. “This year’s class of 17 Cyber Catalyst-designated solutions leverages the experience and insights of the insurance industry to broaden the discussion around best practices and drive improved cyber risk management outcomes.”
Organizations 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.
The next Cyber Catalyst program is expected to open next year.
