S&P Global Ratings Expands Cyber Risk Insights Partnership With Guidewire Software
S&P Global Ratings has enhanced its partnership with Guidewire Software to integrate cyber risk insights into credit evaluation processes. The collaboration aims to address escalating cyber threats that have become a critical concern for businesses globally, especially following increased digitalization due to the pandemic. S&P Global noted a significant rise in credit-relevant cyber events over the past six months. This partnership will leverage Guidewire Cyence™ Risk Analytics to quantify the financial impact of cyber risks, supporting product development and enhancing transparency in risk reporting.
- Expanded partnership with Guidewire enhances cyber risk insights.
- Integration of Guidewire Cyence™ Risk Analytics to quantify financial impacts of cyber risks.
- Increased focus on cyber risk management aligns with rising industry demand.
- Recent rise in cyber events may imply increased risk exposure for firms assessed.
NEW YORK, Aug. 31, 2021 /PRNewswire/ -- S&P Global Ratings, a division of S&P Global Inc. (NYSE: SPGI), today announced an expanded partnership with Guidewire Software, Inc. (NYSE: GWRE) which deepens the long-standing relationship and couples Guidewire's cyber risk insights with S&P Global Ratings' extensive credit knowledge and experience.
Cyber risk has been propelled into a vital, top risk consideration for all organizations. Cybersecurity-related concerns have risen considerably over the past several years and presented significant new challenges to executives and boards of directors across regions and sectors. The forced full digitalization prompted by global pandemic-related lockdowns and mobile workforces have, in many ways, augmented risk considerations.
Organizational structures, risk management cultures, vendor management and stakeholder engagement can all materially impact the cyber risk posture of management teams and boards of directors. As the number of cyber-related incidents continues to escalate, the standardization of reporting and management of this now-mainstream, 21st century risk type require the attention of all market participants.
S&P Global Ratings has seen more credit-relevant cyber events in the last six months than in the previous six years, and routinely reflects on recent cyber developments to sharpen focus and to help refine forward-looking credit views. Almost all recent attacks highlighted attackers' ability to choose targets without regard for geography or sector.
"S&P Global Ratings has long recognized cybersecurity as an important risk," said Chris Heusler, Chief Commercial Officer at S&P Global Ratings. "The evolution of our relationship with Guidewire since 2016 underscores our commitment to continually developing new ways to provide our customers with powerful insights and stay ahead of new and emerging threats in an ever-changing cyber risk landscape."
The relationship with Guidewire supports cyber-related product development and enhances transparency by leveraging Guidewire Cyence™ Risk Analytics to help quantify the financial impact of cyber risk.
Cyber Risk in a New Era: Additional Resources
To read S&P Global Ratings cyber-related research, go to Cyber Risk in a New Era | S&P Global Ratings (spglobal.com)
This report does not constitute a rating action.
S&P Global Ratings is the world's leading provider of independent credit ratings. Our ratings are essential to driving growth, providing transparency and helping educate market participants so they can make decisions with confidence. We have more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance entities and securities. We offer an independent view of the market built on a unique combination of broad perspective and local insight. We provide our opinions and research about relative credit risk; market participants gain independent information to help support the growth of transparent, liquid debt markets worldwide.
S&P Global Ratings is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.spglobal.com/ratings
Media Contact: Orla O'Brien, New York, + 1 (857) 407-8559; orla.obrien@spglobal.com
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SOURCE S&P Global
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