A group of insurers will base rates and terms on whether customers purchase technology that has earned a stamp of approval.

Dark Reading Staff, Dark Reading

March 27, 2019

1 Min Read

It's in the best interest of insurance companies to have their customers protected from cybersecurity losses. That, in a nutshell, is why a number of global insurers are collaborating on a rating system for cybersecurity products.

According to The Wall Street Journal, Marsh & McLennan, a professional services company specializing in risk and insurance, will evaluate enterprise cybersecurity technology in a program called "Cyber Catalyst." The article states, "Marsh will collate scores from participating insurers, which will individually size up the offerings, and identify the products and services considered effective in reducing cyber risk."

Companies that choose security products from among the approved selection may find themselves qualified for improved insurance terms and conditions. Insurers already signed up to participate include Allianz SE, AXA SA, Axis Capital Holdings Ltd, Beazley PLC, CFC Underwriting Ltd., Munich Re, Sompo International, and Zurich Insurance Group AG.

Read more here.

About the Author(s)

Dark Reading Staff

Dark Reading

Dark Reading is a leading cybersecurity media site.

Keep up with the latest cybersecurity threats, newly discovered vulnerabilities, data breach information, and emerging trends. Delivered daily or weekly right to your email inbox.

You May Also Like


More Insights