Arctic Wolf is expanding the availability of its own Security Operations Warranty. Customers in Europe and Oceania can now also receive up to $1 million (€931,400) as compensation in the event of a major cybersecurity incident.
Chief product officer Dan Schiappa candidly admits that no security tool can stop every cyber-attack. Therefore, Arctic Wolf emphasizes “delivering a combination of effective security operations solutions and unique customer benefits.” He continues: “We do this to help organizations build business resilience. With the expansion of the Arctic Wolf Security Operations Warranty to Europe and the ANZ region, we are once again demonstrating our leadership in the SecOps field and our confidence in the Arctic Wolf Security Operations Cloud. This combined with third-party provider service benefits as part of the Security Operations Warranty, to detect and prevent successful cyber-attacks on all threat surfaces.”
The Arctic Wolf Security Operations Warranty is available to customers who have purchased Managed Detection and Response and other Arctic Wolf products. Those afflicted by a ransomware attack, phishing or other cyber incident can turn to the company for compensation. The amount made available should cover various costs, including incident response activities, legal expenses and possibly items that can ensure compliance again.
Guarantees of this nature have been in demand lately. For example, NetApp recently introduced ransomware compensation without naming an amount, while Rubrik offers coverage of up to 10 million euros. In short, security software vendors know they can’t close every security hole. Extra security is always good, on top of existing security tools.
What Arctic Wolf research shows, however, is that 40 percent of organizations currently lack umbrella cyber insurance. A worrying percentage given the continuous digitization of business and government agencies. So the importance of IT infrastructure is increasing, and with it the potential damage that companies can suffer from cyber incidents.
According to an Arctic Wolf customer, there are competitors who claim to be able to stop cyber-attacks completely. CEO at IT service provider medocino Hamburg Stephan Beckmann believes the Security Operations Warranty is going to cause a stir within the industry.