Cyber-insurers Endorse Cloud Security Platform
With so many vendors in the market, the Marsh initiative has created the Cyber Catalyst to help IT buyers find the right option for them.
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The global cybersecurity market was set to be worth nearly $124 billion by the end of 2020, according to Gartner. With an industry this size, it’s always going to be difficult for IT buyers to steer their way through vendor FUD and find the best fit for their organization. This is where independent initiatives like Cyber Catalyst are becoming increasingly important. Overseen by global insurer Marsh, it’s an innovative way to both educate the market and provide an incentive for organizations to invest in the best cybersecurity tools out there.
So Trend Micro was delighted recently to find that its Cloud One – Workload Security offering has been named a 2020 Cyber Catalyst Designated Solution, for its ability to prevent ransomware. It’s yet another independent validation of our market leading products.
What is a Cyber Catalyst?
The Marsh initiative recognizes cybersecurity products and services judged by a panel of insurers to reduce a top five cyber risk: ransomware, supply chain management, cloud migration, social engineering and privacy regulation. Experts from eight insurers including Allianz, AXA XL, Munich Re and Zurich North America pored over more than 90 entries this year, spanning a wide range of categories.
The six criteria they evaluated against was:
- Reduction of cyber risk
- Key performance metrics
The battle against ransomware
The judges praised Trend Micro Cloud One – Workload Security for its ability to tackle ransomware, whilst recognizing it can also help organizations to manage other types of cyber risk.
Backed by industry leading global threat intelligence, the solution features, anti-malware with machine learning and behavioral analysis, XDR, file integrity monitoring, web reputation, log inspection, application control, host-based IPS/IDS and much more. All of this comes via a single lightweight agent to drive consistent protection across physical, virtual hybrid cloud and container environments. Strong API integration with Microsoft® Azure™, AWS™, and Google Cloud ensures it works seamlessly in the cloud for maximum protection and continuous compliance.
The panel of cyber-insurance experts were particularly impressed by Trend Micro Cloud One – Workload Security’s:
- Strong integration with third-party platforms
- Ease of deployment and high degree of automation
- Virtual patching to protect vulnerable systems from known and unknown threats
The changing role of insurance
Trend Micro is delighted to be named a designated solution provider for this year’s Cyber Catalyst program. In fact, cyber-insurance has an increasingly important role to play in industry efforts to improve security. As the market for specialized insurance becomes more mature and policies get more prescriptive, providers have a great opportunity to educate their customers about what is required to mitigate cyber risk effectively.
By lowering premiums or offering other benefits, they could offer a powerful incentive to enhance security by, for example, encouraging investments in the most effective security products and services. Organizations that choose Cyber Catalyst designated solutions like Cloud One – Workload Security could benefit from “enhanced terms and conditions on individually negotiated cyber insurance policies with participating insurers.”
Ransomware attacks were the biggest cause of North American insurance claims in the first half of 2020, according to one provider. By working closer with the insurance industry and end user organizations, market-leading vendors like Trend Micro can help to reduce the number of these claims and potentially lower policy premiums for customers: a win-win all round.