SecurityScorecard Designated a 2020 Cyber Catalyst by Marsh(SM)
Cyber Insurers Rate Full Suite of Products Highest on the Criteria of Viability and Flexibility
SecurityScorecard, the global leader in cybersecurity ratings, announced that the SecurityScorecard Security Ratings Platform has been recognized as a 2020 Cyber Catalyst solution following an independent evaluation by Marsh, the world’s leading insurance broker and risk adviser. SecurityScorecard received designations for its full suite of products and services, including Security Ratings, Atlas questionnaires, Security Data, APIs & Integrations, and Professional Services, for efficiency in supply chain/vendor risk management.
The Cyber Catalyst program by Marsh gives organizations greater clarity and confidence in choosing cybersecurity solutions that can have a meaningful impact on cyber risk. The participating insurers, Allianz; AXA XL, a division of AXA; AXIS; Beazley; CFC; Munich Re; Sompo International; and Zurich North America, evaluated more than 90 solutions that targeted ransomware, supply chain/vendor management, cloud migration/management, social engineering, and privacy regulation/data management, along six criteria:
- Reduction of cyber risk: demonstrated ability to address major enterprise cyber risk such as data breach, theft or corruption; business interruption; or cyber extortion.
- Key performance metrics: demonstrated ability to quantitatively measure and report on factors that reduce the frequency or severity of cyber events.
- Viability: client-use cases and successful implementation.
- Efficiency: demonstrated ability of users to successfully implement and govern the use of the product to reduce cyber risk.
- Flexibility: broad applicability to a range of companies/industries.
- Differentiation: distinguishing features and characteristics.
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The SecurityScorecard Security Ratings Platform was one of 15 cybersecurity solutions and products to receive the Cyber Catalyst designation for supply chain/vendor management in 2020. The participating insurers rated SecurityScorecard’s Security Ratings Platform highest on the criteria of viability and flexibility. Some quotes from their evaluation include:
- “A clear leader in its class, and a really good product for quick identification of the most critical vulnerabilities from an external perspective. Has a wide use case among different industries and usable defensively by a single organization the strength of its security program or by a portfolio of companies to identify a single risk that requires mitigation.”
- “A great tool and an intuitive dashboard that makes information easy to find. Automation makes the questionnaire process easy to begin and complete.”
- “Helps facilitate a healthy vendor management program and brings strong awareness to a vendor management process that is typically a blindspot for the majority of organizations.”
“The rise of digitization and the high reliance on cloud vendors and other external parties for critical business operations, as well as the evolving sophistication of cyber-attacks, have made combatting cybersecurity risk increasingly challenging. Counter-party security risk cannot be ignored as a business issue any longer,” said Sam Kassoumeh, co-founder and chief operating officer of SecurityScorecard. “The Cyber Catalyst designation by Marsh demonstrates the meaningful impact the SecurityScorecard Security Ratings Platform has on cyber risk. We are dedicated to providing organizations with continuous, non-intrusive security monitoring of IT infrastructures and ecosystems and instant visibility into the cyber health of their vendors.”
The SecurityScorecard Security Ratings Platform is suitable for businesses of all sizes and industries, especially those that are highly regulated or susceptible to specific vulnerabilities (e.g., banking, healthcare, insurance, and e-commerce). SecurityScorecard delivers ratings data on more than 1.5 million companies that directly integrate into questionnaires, providing a 360-degree view of cybersecurity risk.
SecurityScorecard’s easy-to-understand ‘A through F’ Security Ratings, Atlas questionnaires, and Security Data are all integral components of the Security Ratings Platform. Atlas, the automated leading cybersecurity questionnaire exchange and validation solution, provides an inside-out view with Security Ratings automatically mapped to individual questions, providing objective validation of vendor-provided responses. SecurityScorecard’s Security Data enables users to leverage a comprehensive and relevant security intelligence database accessible through APIs and over 20 pre-built integrations to enhance the value of existing security tools. Additionally, SecurityScorecard offers a suite of professional services to augment team capacity and provide cybersecurity expertise.
“The Cyber Catalyst designation signals that leading insurers believe SecurityScorecard can help reduce cyber risk, and strongly merits consideration by organizations who seek solutions that yield meaningful improvements in cyber risk outcomes,” said a Cyber Catalyst by Marsh spokesperson. “The 2020 class of Cyber Catalyst solutions target the five most significant cyber risks identified by cyber insurers and, together with the 2019 designees, comprise a roster of more than 30 cybersecurity products insurers believe can be highly effective against cyber threats.”
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