S&P Global Ratings, a division of S&P Global Inc. (NYSE: SPGI) and Guidewire Software, Inc. (NYSE: GWRE), today announced they have joined forces to bring the cyber risk knowledge and insights of Guidewire Cyence Risk Analytics™ to S&P Global Ratings360™, a digital delivery system that provides a view of a company’s critical credit risk factors.
Chris Heusler, Chief Commercial Officer at S&P Global Ratings, said “We have long viewed cybersecurity as an important risk and this focus has been well received by our customers, their investors, and the wider market. Our partnership with Guidewire and its Cyence Risk Analytics team, take this to the next level. Their approach to cyber risk complements ourRatings360 product offerings, and can also be leveraged across S&P Global.”
Cybersecurity is a growing component of business risk, and cyber breaches have the potential to result in very real, material business disruptions, financial losses, and reputational risk to companies. Cybercrimes are widely estimated to cost between $250 billion to over a trillion dollars per year to the global economy* yet many companies remain unaware of the extent of their exposure to cyberattacks.
To provide additional transparency in this area, S&P Global Ratings’ insights and data on companies will be enhanced with cyber risk intelligence from Guidewire Cyence Risk Analytics, which offers unique insights through a proprietary combination of internet-scale data collection, adaptive machine learning, and economic risk modeling.
Cyence data uniquely examines the holistic cyber risk spanning people, process and technology, powering S&P Global’s Ratings360TM to provide companies with more robust cyber knowledge and greater market transparency. Assessing cyber risk is an integral part of today’s business practices, and working with Cyence demonstrates S&P Global Ratings’ increasing focus in this area to enhance insights, analytics and data solutions across its parent company S&P Global.
Arvind Parthasarathi, Senior Vice President of Cyence Risk Analytics at Guidewire, added: “We are excited to be working with S&P Global Ratings to provide more knowledge and transparency to the market. The progression of regulation and evolution of the cyber risk businesses face make it more important than ever for companies of all sizes, industries, and geographies to better understand the impact cyber risk can have on their business.”