17 Cybersecurity Products the Cyber Insurance Industry Says Are Worthwhile
Insurance broker Marsh has unveiled the inaugural class of cybersecurity products and services receiving a Cyber Catalyst designation that is part of an evaluation program its backers hope will bring greater clarity in the crowded cybersecurity marketplace.
Cyber Catalyst by Marsh, launched earlier this year, convened cyber insurers Allianz, AXIS, AXA XL, Beazley, CFC, Munich Re, Sompo International and Zurich North America to identify products and services they consider effective in reducing cyber risk. Marsh said more than 150 cybersecurity offerings, spanning a broad range of categories from hardware to messaging security to Internet of Things (IoT) security, were submitted for evaluation.
Under the program, the selected cyber insurers evaluate the cybersecurity offerings that address major cyber risks such as data breach, business interruption, data theft or corruption, and cyber extortion. Microsoft is a technical advisor to the insurers. Marsh does not itself take part in the evaluations.
Insureds that adopt Cyber Catalyst-designated products may be considered for enhanced terms and conditions on individually negotiated cyber insurance policies with participating insurers. Marsh said it has worked with each participating insurer to establish endorsement wordings that reflect the coverage enhancements that those insurers might offer to Marsh clients that adopt one or more Cyber Catalyst-designated solution.
These 17 products have been rated worthy of the first-ever Cyber Catalyst designation:
- Aruba Policy Enforcement Firewall
- BigID Data Privacy Protection and Automated Compliance
- CrowdStrike Adversary Emulation Penetration Testing
- Crowdstrike Falcon Complete
- Digital Guardian Data Protection Platform
- FireEye Email Security
- FireEye Endpoint Security
- Forescout Device Visibility and Control Platform
- HackerOne Bounty
- HPE Silicon Root of Trust
- KnowBe4 Security Awareness Training and Simulated Phishing Platform
- Mimecast Secure Email Gateway with Targeted Threat Protection
- Perspecta Labs SecureSmart critical infrastructure monitoring solution
- RSA SecurID Suite
- Trustwave DbProtect
- Virsec Security Platform
- Zingbox IoT Guardian
“Cyber Catalyst is a ground-breaking approach to help organizations make well-informed decisions in the complex $125 billion cybersecurity marketplace,” said Tom Reagan, U.S. Cyber Practice Leader, Marsh. “This year’s class of 17 Cyber Catalyst designated solutions leverages the experience and insights of the insurance industry to broaden the discussion around best practices and drive improved cyber risk management outcomes.”
Reagan has likened the program to the industry’s support for seat belts, air bags or building sprinklers. “This is a proven model for the insurance industry,” he previously told Insurance Journal.
Marsh said it expects to open the next Cyber Catalyst program cycle in 2020.