In the latest wrinkle in the fast-growing cyber insurance industry, some of the leading insurance companies are now incentivizing clients to buy from specific IT security vendors. In some cases, they are lowering premiums that clients have to pay; and in other cases, they are adding in discounted services or raising the total coverage value of a cyber insurance policy at no additional price. The goal, say top insurance providers, is to steer clients in the direction of the most effective security solutions in the IT security marketplace, while giving clients plenty of reasons to adopt risk-reducing behavior.
The new Marsh Cyber Catalyst program for cyber insurance
At the core of this new shift towards incentivizing clients to adopt specific IT security solutions is the creation of the new Marsh Cyber Catalyst program. Marsh, a subsidiary of insurance giant Marsh & McLennan, has essentially created an alliance of the top cyber insurance providers, including Allianz, AXIS, AXA, Beazley, CFC, Munich Re and Zurich North America, all of which agree on the “top” cybersecurity products and services. Any service or product offering that meets a certain…
