Insurers Creating a Consumer Ratings Service for Cybersecurity Industry

The WSJ reported on news that a Collaborative effort led by Marsh & McLennan would score the best cyber security products for reducing hacking risk, and provide potential discounts on cyberinsurance policies if these products are used. 



Some of the world’s biggest insurers plan to work together on an assessment of the best cybersecurity available to businesses, an unusual collaboration that highlights the rising dangers posed by digital hackers.

The program, which was launched Tuesday by the Marsh brokerage unit of Marsh & McLennan will evaluate cybersecurity software and technology sold to businesses. Marsh will collate scores from participating insurers, which will individually size up the offerings, and identify the products and services considered effective in reducing cyber risk. The results will be available to the public on Marsh’s U.S. website.

Corporate policyholders that use the designated offerings may qualify for improved terms and conditions on policies negotiated individually with participating insurers, Marsh said. Insurers that have agreed to participate include Allianz SE, AXA SA, Axis Capital Holdings Ltd., Beazley PLC, CFC Underwriting Ltd., Munich Re, Sompo International and Zurich Insurance Group AG, according to Marsh. This is exciting news! Share it with your C-level execs. Full story at the WSJ.

PS:  Beazley, AXIS, and BKS are already doing this with KnowBe4. Get a quote with a 25% discount if you are a policy holder.


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