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Risk

3/26/2019
04:15 PM
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Insurers Collaborate on Cybersecurity Ratings

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

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.

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EdwardThirlwall
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EdwardThirlwall,
User Rank: Moderator
4/12/2019 | 12:22:03 AM
Pros and cons
We know that we have reached a critical phase of digital attacks when insurance policies now cover cybersecurity losses too. What a time to be alive to be able to weigh in on the pros and cons of technological advances and how much will we stand to gain or lose in the long run.
RyanSepe
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RyanSepe,
User Rank: Ninja
3/27/2019 | 9:32:00 AM
Collaborate on Realistic Policies
Its great that insurance companies are starting to collaborate around Cyber Security, but what I think is most pertinent between insurance companies and the companies they "protect" is ensuring that in the case of a breach or incident they cannot use the fine print to dodge coverage. I understand that some are prerequisites to ensure the company is making a best effort to be secure and avoid damage but some line items are just vague clauses that allow for wiggle room.
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