Marsh McLennan partners with BitSight to bolster cybersecurity

Global insurance brokerage  Marsh McLennan has collaborated with cyber security ratings company  BitSight to help clients improve the way they measure and manage cyber risks.

The Cyber Risk Analytics Center of Marsh McLennan will utilise BitSight security ratings platform and its data and analytics capabilities to provide clients with high quality insights to help identify and remediate critical areas of risk in order to reduce the likelihood of a cyber incident.

Moreover, the two firms will pool their cyber security insights to collaborate on joint research and analysis.

The recent surge in ransomware attacks has driven insurers to dramatically increase cyber insurance premiums, restrict coverage, and in some cases, do away with cyber insurance completely, Marsh noted. In tandem, insurers are increasingly turning to cybersecurity data and analysis to better inform their underwriting decisions. Recent analysis by Moody’s, leveraging BitSight data, predicts these trends will only continue.

"2021 is shaping up to be one of the most challenging years for cyber risk on record, and we continue to hear from clients that cybersecurity is among their most urgent risk concerns," said Scott Stransky, head of the Marsh McLennan Cyber Risk Analytics Center. "By collaborating with BitSight, we are providing clients with more data-driven insights to better manage risk in an increasingly difficult cybersecurity landscape."

Stephanie Snyder Frenier (pictured), vice president and general manager, insurance at BitSight, said: "Cyber insurance brokers now play a critical role in helping their clients actively manage cyber risk. This marks an exciting opportunity to share our cyber risk data and expertise to help Marsh McLennan counsel their clients on reducing risk of cyber exposure. "

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