On January 2nd, global insurer Marsh announced the launch of what it calls its next-generation online cyber self-assessment tool. The tool incorporates the latest insights on cybersecurity best practices to provide clients a robust cybersecurity program diagnostic and serve as a single application for cyber insurance, streamlining the procurement process.
The enhanced cyber assessment uses information on organizational cybersecurity controls, technology, and people to identify strengths and flag areas of potential concern for underwriters, which Marsh helps clients proactively address prior to underwriting discussions. Marsh combines the assessment with company-specific threat analyses and loss quantification inputs to provide a comprehensive diagnostic of a client’s cyber risk profile to support data-driven cyber risk program decisions.
Housed on an easy-to-use, secure web platform, the self-assessment tool streamlines clients’ cyber insurance application process by:
- Allowing for simultaneous contribution by multiple organizational stakeholders, easing client workflow, and eliminating the challenge of version control prevalent in the use of shared, offline documents.
- Serving as a single submission to multiple cyber insurance insurers, eliminating the inefficiencies and resource burdens of multiple carrier applications.
“In today’s fast-evolving cyber risk landscape, firms want to be able to gain greater insight into their cybersecurity preparedness,” said Thomas Reagan, US Cyber Practice Leader, Marsh. “Marsh’s enhanced online cyber self-assessment provides clients a comprehensive view of their cybersecurity program maturity, coupled with a streamlined, easy-to-use cyber insurance application process.”
The online cyber self-assessment tool is currently available to Marsh US clients, with a global rollout planned for 2019.
More information about Marsh’s online cyber self-assessment tool can be found on Marsh’s cyber website.
I suspect this means you will be giving a ton of information to Marsh and incurring significant costs to remedy deficiencies in order to get cyberinsurance at a reasonable price. And yes, I expect this to be a trend among insurers, who need to assess risk before they can write a policy.
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