WTW & Kayna Partner with Vibrant to support third-party vendor Cybersecurity Insurance Compliance
WTW announces a strategic partnership with Kayna and Vibrant to enhance third-party vendor cybersecurity insurance compliance. The collaboration integrates Kayna's embedded insurance infrastructure with Vibrant's vendor monitoring platform and WTW's insurance distribution.
The solution enables real-time monitoring of vendor cybersecurity status, generates alerts for potential risks, and provides immediate access to insurance quotes. This partnership aims to simplify third-party risk management across various sectors including Manufacturing, Healthcare, Financial Services, and Government.
WTW annuncia una partnership strategica con Kayna e Vibrant per migliorare la conformità all'assicurazione contro i rischi informatici dei fornitori terzi. La collaborazione integra l'infrastruttura assicurativa incorporata di Kayna con la piattaforma di monitoraggio fornitori di Vibrant e la distribuzione assicurativa di WTW.
La soluzione consente il monitoraggio in tempo reale dello stato di cyber sicurezza dei fornitori, genera avvisi per potenziali rischi e fornisce accesso immediato ai preventivi assicurativi. Questa partnership mira a semplificare la gestione del rischio dei fornitori terzi in vari settori, tra cui Manifattura, Sanità, Servizi Finanziari e Governo.
WTW anuncia una asociación estratégica con Kayna y Vibrant para mejorar el cumplimiento del seguro cibernético de proveedores terceros. La colaboración integra la infraestructura de seguro incorporada de Kayna con la plataforma de monitoreo de proveedores de Vibrant y la distribución de seguros de WTW.
La solución permite el monitoreo en tiempo real del estado de ciberseguridad de los proveedores, genera alertas para riesgos potenciales y proporciona acceso inmediato a cotizaciones de seguros. Esta asociación tiene como objetivo simplificar la gestión de riesgos de terceros en varios sectores, incluyendo Manufactura, Salud, Servicios Financieros y Gobierno.
WTW는 Kayna 및 Vibrant와의 전략적 파트너십을 발표하여 제3자 공급업체의 사이버 보안 보험 준수를 향상시킵니다. 이 협력은 Kayna의 임베디드 보험 인프라를 Vibrant의 공급업체 모니터링 플랫폼 및 WTW의 보험 배급과 통합합니다.
이 솔루션은 공급업체 사이버 보안 상태의 실시간 모니터링을 가능하게 하고, 잠재적인 위험에 대한 경고를 생성하며, 즉각적인 보험 견적 접근을 제공합니다. 이 파트너십은 제조업, 헬스케어, 금융 서비스 및 정부를 포함한 다양한 분야에서 제3자 위험 관리를 간소화하는 것을 목표로 합니다.
WTW annonce un partenariat stratégique avec Kayna et Vibrant pour améliorer la conformité en matière d'assurance cybersécurité des fournisseurs tiers. La collaboration intègre l'infrastructure d'assurance intégrée de Kayna avec la plateforme de surveillance des fournisseurs de Vibrant et la distribution d'assurances de WTW.
Cette solution permet une surveillance en temps réel de l'état de cybersécurité des fournisseurs, génère des alertes pour les risques potentiels et offre un accès immédiat aux devis d'assurance. Ce partenariat vise à simplifier la gestion des risques des tiers dans divers secteurs, y compris la fabrication, la santé, les services financiers et le gouvernement.
WTW kündigt eine strategische Partnerschaft mit Kayna und Vibrant an, um die Compliance für Cyber-Versicherungen von Drittanbietern zu verbessern. Die Zusammenarbeit integriert die eingebettete Versicherungsinfrastruktur von Kayna mit der Überwachungsplattform für Anbieter von Vibrant und der Versicherungsvertrieb von WTW.
Die Lösung ermöglicht die Echtzeitüberwachung des Cyber-Sicherheitsstatus von Anbietern, generiert Warnungen für potenzielle Risiken und bietet sofortigen Zugang zu Versicherungsangeboten. Diese Partnerschaft zielt darauf ab, das Management von Drittanbieter-Risiken in verschiedenen Sektoren, einschließlich Fertigung, Gesundheitswesen, Finanzdienstleistungen und Regierung, zu vereinfachen.
- Partnership enhances cybersecurity risk management capabilities
- Expands service offering in the growing cybersecurity insurance market
- Streamlines vendor compliance monitoring and insurance distribution
- None.
Insights
This partnership represents a significant advancement in vendor risk management infrastructure. The integration of WTW's insurance expertise with Kayna's embedded insurance platform and Vibrant's monitoring capabilities creates a comprehensive automated vendor cybersecurity compliance system. The solution addresses a critical market gap by providing real-time vendor risk monitoring and immediate insurance solutions.
The platform's ability to automatically detect and respond to cybersecurity risks across vendor networks could significantly reduce exposure to supply chain vulnerabilities. By streamlining the insurance distribution process and providing continuous monitoring, this solution could substantially lower operational costs while enhancing security posture for enterprise clients.
This strategic partnership positions WTW to capture a larger share of the growing cyber insurance market through automated, embedded distribution channels. The integration enables scalable insurance distribution with real-time risk assessment capabilities, potentially leading to improved loss ratios and more accurate pricing models.
The solution's focus on vertical SaaS platforms across multiple sectors (Manufacturing, Healthcare, Financial Services, etc.) indicates significant revenue potential. The automated nature of the platform could reduce customer acquisition costs while increasing policy density across vendor networks, potentially driving substantial premium growth in WTW's cyber insurance portfolio.
NEW YORK, Nov. 19, 2024 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, today announced a partnership with Kayna, an award-winning embedded insurance infrastructure platform; and Vibrant, an Easton, Pennsylvania-based platform that manages third-party vendor cybersecurity oversight by tracking insurance coverage details.
- US-based vertical SaaS platform Vibrant manages third-party vendor cybersecurity oversight by tracking vendor insurance coverage directly with coverage information from carriers;
- Kayna’s embedded insurance infrastructure enables WTW cybersecurity insurance distribution with continuous vendor coverage assessments to close protection gaps and safeguard ongoing compliance programs;
- Solution designed to support Procurement, Operations and Supply Chain functions within cross-industry solutions including Manufacturing, Education, Healthcare, Utilities, Financial Services, Retail, State & Municipal Government sectors
Vibrant's innovative platform enables organizations with extensive vendor networks to easily monitor the cybersecurity status of their supply chain, providing continuous, real-time insights without the need for time-consuming, costly assessments. The partnership, through the integration of Kayna technology facilitating WTW-brokered insurance distribution, enhances Vibrant’s insurance-based model by generating real-time alerts when a vendor's cybersecurity status may pose a risk to the organizations they support. The integration also offers at-risk vendors immediate access to indicative insurance quotes and streamlined policy generation, effectively closing protection gaps in the supply chain. This comprehensive approach simplifies third-party risk management, in addition to promoting improved cybersecurity standards across the vendor ecosystem.
Paul Prendergast, Co-Founder and CEO, Kayna, commented, “Vibrant makes it easy to spot cyber risks from vendors by tapping into the trusted, advanced warning systems from insurance carriers. Our role is to add value by using Kayna technology to trigger vendor risk alerts and facilitate simple access to WTW-brokered insurance products. We remove the heavy paperwork and administrative burden from organizations and their vendors, facilitate the speedy onboarding of new suppliers, and assist the provision of right-sized cybersecurity coverage to individual businesses across the comprehensive approved vendor listing. This is a tailored, automated solution that enables organizations to maintain robust vendor management controls as they go about their daily business.”
Kayna technology leverages Vibrant monitoring data to facilitate the offer of relevant, right-sized, WTW-brokered insurance policies to at-risk vendors. The partnership boosts organizational oversight and risk management controls, together with vendor compliance, to mitigate breaches caused by vendor vulnerability.
Rathi Niyogi, CEO, Vibrant, commented, “Monitoring the cybersecurity status of large numbers of vendors has traditionally been quite expensive and complex. Our solution addresses this complexity with an approach designed to be extremely simple, capable of monitoring vast numbers of vendors while requiring minimal resources. Through our new Kayna and WTW partnership, Vibrant leverages the power of innovative InsurTech to bring remarkable capabilities to organizations that were previously priced out of necessary protections."
Nabeel Tanveer, Director of Growth and Strategic Initiatives, Affinity, WTW, added, “The ability to now orchestrate insurance solutions that proactively deliver embedded insurance options – while flagging changes to the risk profile of any vendor during the insured’s policy period – is a valuable demonstration around the alignment of WTW and Kayna technologies. Vibrant is an excellent showcase of a platform solving risk challenges for their client base. Working together, we will work towards closing the protection gap, while helping solve the real problem of underinsurance.”
About Kayna
Kayna enables embedded insurance through vertical SaaS platforms. It provides the technology and data orchestration layer between carriers, brokers and any vertical SaaS platform to distribute products that are directly relevant to platform customers. Founded in 2021, Kayna was developed in the Founders Factory Venture Studio in collaboration with Aviva. It is a Lloyd’s Lab Accelerator Programme Cohort 9 alumnus, and winner of the 2023 InsurTech NY’s Carrier/Broker Competition for Global Early-Stage Insurtech. Kayna is partnered with AEGIS London and WTW and is backed by Delta Partners (Ireland), MiddleGame Ventures (pan-European), Aperture (Switzerland), and InsurTech Fund, an affiliate of InsurTech New York (US). Kayna operates across platforms that serve millions of people and businesses worldwide, ranging from field services, fintech and retail, to personal care and wellness. For more information, visit https://kayna.io/
About Vibrant
Vibrant is a third-party cybersecurity management platform that provides organizations with independent oversight of their vendors or suppliers. Vibrant serves organizations that are exposed to significant cybersecurity risk from large vendor populations but face resource constraints that prevent adequate oversight. Simplicity is the guiding principle of Vibrant’s approach, which leverages a resource that vendors already use: cybersecurity insurance. An autonomous, hands-free solution, Vibrant allows organizations to monitor thousands of vendors with minimal cost and effort. For more information, visit https://vibrantcyber.com/
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.
Media Contacts
Douglas Menelly
Douglas.Menelly@wtwco.com +1 (516) 972 0380
Arnelle Sullivan
Arnelle.Sullivan@wtwco.com +1 (718) 208-0474
FAQ
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