Victor O. Schinnerer & Company, a leading underwriting manager, in collaboration with Guidewire Software (NYSE: GWRE), a provider of software products to the Property & Casualty (P/C) insurance industry, announced today the availability of a new, comprehensive Cyber Warranty offering for technology solution providers. The offering will leverage Guidewire’s Cyence Risk Analytics™, a data listening and risk analytics product.
Schinnerer’s Cyber Warranty helps technology solution providers stand out in two ways. First, it allows them to financially stand behind their professional services by covering the costs associated with the remediation and system update following an external data breach caused by their services.
Secondly, the warranty allows technology solution providers to work with their clients to take a more holistic approach to mitigating their cyber risk. Solution providers will receive individualized quarterly risk reports for their clients via Guidewire’s Cyence Risk Analytics. This will enable solution providers to take a consultative approach to address risk factors specific to their customers.
“Technology solution providers are seeking to distinguish themselves in a crowded market,” said Matt Kletzli, Schinnerer’s Management Liability Leader. “Schinnerer Cyber Warranty not only provides protection for the solution provider’s professional services, regardless of the technology being implemented, but it also provides the opportunity to help deliver a clearly defined risk strategy for their clients.”
“Technology alone is no longer a strong enough defense against malicious cyberattacks; there were more than 2,000 breaches in the first half of 2017 alone,” said Ryan McKinney, Business Development Manager, Cyence Risk Analytics, Guidewire. “It’s time that organizations take a holistic approach to cyber risk and recognize that it’s as much about people and processes as it is technology itself. Our collaboration with Schinnerer helps expand this philosophy to the channel so that more companies can shift their mindset from outright prevention to mitigation and risk transfer.”
Schinnerer Cyber Warranty is offered to solution providers with a small to midsize customer base and annual service revenues up to $40 million. Once an application is approved, the warranty will be included on all eligible service proposals and attached as an addendum to each contract at execution.
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