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Isurance companies in the US collaborate to offer cyber-security ratings

March 31, 2019 / Robert Abel

In a collaborative effort, some of the world’s largest insurers have set out to create a consumer ratings service for the cyber-security industry. The initiative was launched last week in the US, led by Marsh & McLennan, and will attempt to score best products to reduce hacking risks and will create an assessment of the best cyber-security offerings available to businesses, according to the Wall Street Journal. The firm will collect and combine scores from participating insurers and will ultimately identify and rate products, offerings and services they believe will be effective in reducing cyber-risks. The results will be publicly available on the firm’s website. Panorays CEO and co-founder Matan Or-El applauded the new initiative calling it a win-win for all. "Customers will need to up their cyber-security programme, thus reducing their cyber-risk to attacks while cyber-insurers will process fewer claims due to the higher standard of security," Or-El said. &...