New York, March 2, 2020 – Marsh, the world’s leading insurance broker and risk adviser, today announced the 2020 opening of its Cyber Catalyst program designed to help organizations reduce cyber risk by making more informed cybersecurity decisions.
The first-of-its-kind program awards Cyber Catalyst designations to products and services that leading cyber insurers believe can be effective against major cyber threats. In the inaugural 2019 program, more than 150 products and services were submitted for evaluation, with 17 ultimately receiving a Cyber Catalyst designation.
In 2020, insurers Allianz; AXA XL, a division of AXA; AXIS; Beazley; CFC; Munich Re; Sompo International; and Zurich North America will again participate in the evaluation and designation process.
For this year’s program, the insurers have identified what they see as the top five cyber risks in 2020: ransomware, data collection, supply chain/vendor management, cloud migration, and social engineering. Participating insurers and Marsh encourage vendors to submit products and services that target these risks, but all eligible products and services will be evaluated.
“With the Cyber Catalyst program, we are providing a significant metric to help our clients and other organizations identify cybersecurity solutions that insurers believe will really make a difference,” said Thomas Reagan, US Cyber Practice Leader, Marsh. “We look forward to showcasing more valuable Cyber Catalyst designated solutions later this year that will help even more organizations improve their cyber risk management outcomes.
The second Cyber Catalyst program opens for product submissions on March 10, and the 2020 Cyber Catalyst designations are expected to be awarded in September. For more information on Cyber Catalyst by MarshSM, including vendor and product eligibility and application information, and to sign up to receive program updates, visit Marsh’s Cyber Catalyst webpage.
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US$17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.