First-of-its-kind programme focusing on cyber risk is only the first step of many
Insurance Business America | May 01, 2019
Top insurers are joining forces with Marsh to help organisations better manage cyber exposures. Under the Cyber Catalyst programme, Allianz, AXIS, AXA XL (a division of AXA), Beazley, CFC, Munich Re, Sompo International, and Zurich North America will identify and evaluate solutions from cybersecurity vendors that will help firms reduce their cyber risk. According to Marsh, the cybersecurity market is crowded and can be difficult for companies to navigate, given the thousands of firms offering solutions designed to combat cyber risk. The programme will help organisations wade through the products and services available today to gain access to the ones that cyber insurers find most valuable. While the announcement and subsequent work of the participating firms will help to inform the dialogue around risk, one expert says that this doesn’t mean the fight against cyber incidents is over because oftentimes, it’s not what technology businesses use to bolster their cybersecurity, but how they deploy it that truly matters.