New York | March 28, 2023
Marsh, the world’s leading insurance broker and risk advisor, today announced the launch of Marsh Cyber Pathway, an integrated cybersecurity and insurance solution for US small and midsize businesses seeking to become more resilient to an increasingly volatile cyber threat environment.
Cyber Pathway is an alternative to a traditional cyber insurance placement, which may be more challenging to procure for smaller businesses that lack key cybersecurity controls but which nonetheless are committed to enhancing their cyber resilience. After completing the Marsh Cybersecurity Self-Assessment, clients identified as candidates for the Cyber Pathway program will be provided with cybersecurity control recommendations from participating insurers and assistance from Marsh’s Cybersecurity Marketplace Services in selecting the tools and capabilities for their individual needs.
Additionally, Pathway clients will be provided access to cyber insurance protection offered by the participating insurers, including Beazley, Chubb, Coalition, and Resilience, with exclusive coverage enhancements afforded by those insurers automatically when the recommended controls are implemented. Packaged this way, Cyber Pathway clients can access a streamlined, all-in-one-solution to secure cyber insurance and improve their cybersecurity posture.
The launch of Cyber Pathway comes as insurers take a more diligent approach to underwriting cyber risk amid continued ransomware losses. While US cyber insurance rates are moderating, cyber insurers increasingly require businesses to have critical controls in place in order to obtain coverage.
“With their potential insurability, pricing, and scope of coverage at stake, many businesses, especially small to midsize firms, find it overwhelming and stressful to understand what cybersecurity controls they need and which ones to invest in. They also expect any cybersecurity investment made to better position their risk to insurers,” said Tom Reagan, US and Canada Cyber Practice Leader, Marsh. “Marsh’s Cyber Pathway program will make it easier for businesses to advance their cyber resilience by providing access to the key security tools and capabilities they need as well as insurance coverage that can grow with them as their cyber posture matures.”