A Warranted Response

Historically, companies who have suffered security breaches have had few options from which to recover their financial losses. While the concept of cybersecurity insurance is growing, it is still a solution that requires an active pursuit, meaning many companies still lack it as part of their cybersecurity plan.

To help address this gap, a growing number of cybersecurity solution providers are beginning to offer warranties on their products, offering their customers some financial relief in the event their software security solution should fail, according to Technology Review. For SentinelOne, this warranty offers an amount of up to one million dollars, should their customers be subject to a successful ransomware attack. Major industry players like Symantec and McAfee have also begun offering similar products.

These warranties are not cure-alls, however, as they still require participants to ensure their systems are up to date and properly patched – in the case of something similar to the WannaCry attacks, where older, unpatched systems were targeted, it will be the responsibility of the customer to demonstrate that the attack occurred in spite of them having maintained proper security practices.

 

Source:

https://www.technologyreview.com/s/608160/get-hacked-and-your-cybersecurity-company-may-pay/