Insurers team up on cybersecurity software evaluation program

Global insurance company Marsh & McLennan partnered with various insurance companies to launch a program that evaluates cybersecurity software and technology sold to businesses, The Wall Street Journal reports.

Led by Marsh's brokerage unit, the program, called Cyber Catalyst, will provide ratings on technologies and software for risks such as data breaches, data corruption and cyber extortion. Technology products evaluated will include firewalls, encryption and threat-detection tools as well as incident-response planning and training. Marsh will collect the participating insurers' scores and publish the results on its website.

Participating insurers in the program include Allianz SE, Axis Capital Holdings and Beazley. Microsoft, along with Marsh, will serve as a technical adviser to the insurance companies.

"Organizations want the best possible protection against fast-evolving cyber threats, but many struggle to navigate the crowded cybersecurity marketplace," Marsh Senior Executive Thomas Reagan told The Wall Street Journal.

During fiscal year 2018, 62 percent of Marsh's healthcare clients purchased standalone cybersecurity insurance, a 12 percent increase from 2014, according to the report.

More articles on cybersecurity:
Navicent Health alerts patients of July 2018 cyberattack
61% of CIOs think employees leak data maliciously, survey finds
Phishing attack exposes 350,000 Oregon residents' medical information

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