Insurers Collaborate on Cybersecurity RatingsA 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.
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