Global broker WTW has announced a partnership with Kayna, an embedded insurance infrastructure platform, and Vibrant to support third-party vendor cybersecurity insurance compliance.
US-based vertical SaaS platform Vibrant manages third-party vendor cybersecurity oversight by tracking vendor insurance coverage directly with coverage information from carriers.
Its innovative platform enables organisations 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.
This partnership enhances Vibrant’s insurance model by integrating Kayna’s technology into WTW’s insurance brokerage system. This allows for real-time alerts to be generated whenever a vendor’s cybersecurity status could pose a risk to the companies they work with.
Kayna’s embedded insurance infrastructure enables WTW cybersecurity insurance distribution with continuous vendor coverage assessments to close protection gaps and safeguard ongoing compliance programs.
Additionally, the integration will also offer at-risk vendors immediate access to indicative insurance quotes and streamlined policy generation. This in turn, will help to effectively close protection gaps in the supply chain, WTW explained.
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 organisations 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 organisations to maintain robust vendor management controls as they go about their daily business.”
Kayna technology uses Vibrant monitoring data to offer customised, WTW-brokered insurance policies to vendors identified as potential risks.
This collaboration enhances organisational oversight and risk management controls, as well as improving vendor compliance to prevent breaches caused by vendor vulnerabilities.
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 organisations 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.”
