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.
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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.
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