WTW & Kayna Partner with Vibrant to support third-party vendor Cybersecurity Insurance Compliance
Rhea-AI Summary
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.
Positive
- Partnership enhances cybersecurity risk management capabilities
- Expands service offering in the growing cybersecurity insurance market
- Streamlines vendor compliance monitoring and insurance distribution
Negative
- None.
News Market Reaction
On the day this news was published, WTW declined 1.63%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
What is the purpose of WTW's partnership with Kayna and Vibrant?
How does the WTW-Kayna-Vibrant partnership benefit organizations?
Which industries does the WTW cybersecurity insurance solution target?
