TokenEx Data Protection Platform Named ‘Cyber Catalyst’
Oklahoma-based cybersecurity solution recognized by global insurers for providing ‘meaningful impact on cyber risk’
The Cyber Catalyst by Marsh program designated TokenEx’s Data Protection Platform as a Cyber Catalyst solution due to the platform’s ability to address key areas of cyber risk, in the view of participating insurers.
“It is a tremendous honor for our Data Protection Platform to be identified as a Cyber Catalyst–designated solution,” TokenEx Founder and CEO Alex Pezold said. “Over the past decade, we have grown TokenEx with the mission of protecting the world’s most sensitive data from breach. Our clients, both domestically and internationally, have benefitted from the risk-reducing capabilities of our platform, and I believe this prestigious designation will enable more companies to discover and experience the unique data-protection value we provide.”
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TokenEx’s Data Protection Platform leverages tokenization to protect and store sensitive personal and/or payment data, enabling its customers to literally offload the risk, effort, and expense of maintaining a sensitive database to security and compliance experts. By using TokenEx as a secure, easily accessible repository of sensitive data, organizations can create a single point of integration that helps simplify interactions between systems, ensuring privacy protection without disrupting payments orchestration or other critical business operations.
“The Cyber Catalyst designation signals that leading insurers believe TokenEx’s Data Protection Platform can help reduce cyber risk, and strongly merits consideration by organizations who seek solutions that yield meaningful improvements in cyber risk outcomes,” said Thomas Reagan, US & Canada Cyber Practice Leader, Marsh. “The 2020 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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Solutions that receive Cyber Catalyst designations are some of the most effective cybersecurity tools on the market, participating insurers believe, and demonstrate the ability to measurably reduce cyber risk. Because of the risk reduction offered by Cyber Catalyst–designated solutions, organizations deploying them can potentially qualify for enhanced terms and conditions on individually negotiated cyber insurance policies offered by participating insurers.
Cyber Catalyst by Marsh assembles leading cyber insurers to evaluate the effectiveness of cybersecurity solutions and to identify products and services that they believe can help reduce cyber risk. Participating insurers — Allianz, AXA XL, AXIS, Beazley, CFC, Munich Re, Sompo International, and Zurich North America — assess eligible solutions using six criteria: reduction of cyber risk, key performance metrics, viability, efficiency, flexibility, and differentiation.
The TokenEx Data Protection Platform was selected by the insurers after a rigorous, six-month, multi-stage approval process. In order to earn a Cyber Catalyst designation, solutions were required to receive positive votes from at least six of the eight insurers.
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