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Insurers Collaborate to Offer Cyber Products Ratings System

A group of insurers led by Marsh & McLennan has developed a program to evaluate cybersecurity software and technology sold to businesses, the Wall Street Journal reported. The Cyber Catalyst program aims to help customers determine which cybersecurity solutions they should implement and the cybersecurity products insurers value most from a risk underwriting perspective, among other things, the company said. According to Marsh & McLennan’s website, cybersecurity vendors would submit their eligible products and services for consideration and evaluation under the program, and participating insurers would evaluate the offerings and identify those they believe can have a meaningful impact on major cyber risks, such as data breaches, business interruption, data theft or corruption, and cyber extortion. Marsh & McLennan facilitates but does not contribute to the decision-making process or evaluation of cybersecurity solutions, the company said. Organizations that adopt Cyber Catalyst–designated products and services may qualify for enhanced terms and conditions on individually negotiated cyber insurance policies offered by participating insurers, the company said.

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