Deep Instinct announced Thursday that it would back its product with a performance guarantee that delivers false positivity rates of less than 1 percent, plus a ransomware warranty of up to $3 million per company for a single breach.
Based on backing from reinsurance company the Munich Re Group, Deep Instinct plans to make the new guarantee and warranty protection available March 31. The ransomware warranty will cover the costs associated with recovery, business interruption and loss of business.
“We are offering a level of protection for our customers that goes beyond anything on the market today,” said Guy Caspi, co-founder and CEO of Deep Instinct. “We’re raising the stakes when it comes to the level of actionable and accurate information that security teams can count on, allowing them to be more productive in their ongoing battle against cyberattacks – and backing that with a warranty.”
Security pros think Deep Instinct’s approach has promise.
Jack Kudale, founder and CEO of Cowbell Cyber, said it may make a lot of sense for security vendors to bundle warranty and even cyber insurance with their products. He said the better their security tools perform based on its own metrics (number of alerts, for example), the more likely the client’s security team can thwart cyberattacks and prevent cyber incidents.
Kudale added that cyber coverage for ransomware has the potential to offer additional financial protection when the product fails. Such insurance protection often brings resources that are not available under a standard contract: a breach coach, experts to negotiate the ransom, legal counsel to navigate legal actions, and services to notify impacted parties when the ransom turns into a data breach incident.
“While this is great, it’s potentially insufficient,” said Kudale. “Security is only as strong as the weakest link between a hacker and the sought-after system or data. Protection provided on a system by system basis could lead to confusion and inefficiencies similar to what the cybersecurity market faces today: fragmentation that leads to overlaps or blindspots in protection.”