Marsh launches two new cyber risk assessment services

Marsh LLC, a provider of insurance broking and risk management, announced on Monday the launch of Marsh Cyber Monitor and Marsh Cyber View, two new cyber risk assessment services to help the risk management community effectively understand, measure, and manage their cyber risk.

Marsh Cyber Monitor enables companies to understand their cyber risk by examining a comprehensive set of threat indicators that are continuously updated using a variety of data collection methods. “With Marsh Cyber Monitor, individual companies can gain insight into how their cyber risk is changing, and benchmark themselves against their peer group on an ongoing basis,” the company said in a media release.

Marsh Cyber View combines an “outside-in” analytics-driven view of cyber security vulnerability with customized cyber risk advisory services. A variety of risk factors are analyzed and combined with business and technology insights on how to reduce or transfer the associated risk, the release said.

The two services add to Marsh’s cyber risk analytics capabilities, including its proprietary cyber security self-assessment and the Marsh Cyber IDEAL model, which helps clients by quantifying the range of potential outcomes from a data breach.

“Cyber attacks are a rapidly escalating threat and companies face a significant challenge in managing their risk,” said John Drzik, president of Marsh Global Risk and Specialties, in the release. “Marsh is assembling world-class technologies and services to enable our customers to holistically understand their cyber exposures and consider their risk mitigation and risk transfer options.”

The services are powered by the state-of-the-art technology, expertise, and services from Cyence, a cyber security analytics services provider. According to Bloomberg Business, Burlington, Ont.-based Cyence provides credit lifecycle management software and service solutions to the financial services industry. It offers implementation, training, managed, hosting and application services, including support, maintenance, and upgrade services. It serves vendor and equipment finance, bank, and credit union organizations in Canada, the United States, and Australia.

Marsh said in the release that it will continue to collaborate with Cyence and other “best-in-class” firms to develop a deeper and broader set of capabilities to help clients better understand and manage their cyber risk.