In the inaugural Cyber Catalyst by MarshSM program, 17 cybersecurity products and services have been designated as Cyber Catalyst solutions:
These solutions were identified by participating Cyber Catalyst insurers as able to have a meaningful impact on cyber risk. More information about each can be found on the vendor websites, and in the fact sheets or video playlist at right.
More than 150 cybersecurity solutions were submitted for evaluation, spanning a range of cybersecurity functions such as data, hardware, network, infrastructure, endpoint, application, and messaging security; IoT controls; identity and access management; and risk and compliance.
Participating insurers evaluated the solutions along six criteria:
- Reduction of cyber risk: demonstrated ability to address major enterprise cyber risk such as data breach, theft or corruption; business interruption; or cyber extortion.
- Key performance metrics: demonstrated ability to quantitatively measure and report on factors that reduce the frequency or severity of cyber events.
- Viability: client-use cases and successful implementation.
- Efficiency: demonstrated ability of users to successfully implement and govern the use of the product to reduce cyber risk.
- Flexibility: broad applicability to a range of companies/industries.
- Differentiation: distinguishing features and characteristics.
There were 2 stages in the evaluation process, which started in April 2019 and concluded in August 2019: 1) a deep dive into eligible solutions the participating insurers felt merited review, and 2) product and service demonstrations.
The insurers voted independently on each solution, with Marsh tallying the votes. Cyber Catalyst designation was awarded to those which received positive votes by at least 6 of the 8 participating insurers. Microsoft served as technical advisor. Neither Marsh nor Microsoft participated in the Cyber Catalyst designation decisions.
Insurance Policies and Endorsement Wordings
Organizations that adopt Cyber Catalyst-designated solutions may be considered for enhanced terms and conditions on individually negotiated cyber insurance policies with participating insurers.
Marsh has worked with each participating insurer to establish endorsement wordings that reflect coverage enhancements that those insurers might offer to Marsh clients which adopt one or more Cyber Catalyst designated solution. For more information, contact firstname.lastname@example.org.
When considering potential policy enhancements, participating insurers will expect organizations to implement Cyber Catalyst-designated products or services in a certain manner. To that end, participating insurers worked with vendors whose solutions are Cyber Catalyst-designated to develop “implementation principles” for each product or service. Implementation Principles are included in the fact sheet for each specific Cyber Catalyst-designated solution.
Next Program Cycle
The next program cycle of Cyber Catalyst will open in 2020, at which time new applications for cybersecurity solutions will be accepted. For more information, contact email@example.com.