Cybersecurity firm, Deep Instinct, announced mid last week it would back its cybersecurity product with a performance guarantee. It is also providing its customers with up to $3 million in ransomware warranty per breach.
Deep Instinct’s Undertaking
On 31 March, Deep Instinct’s undertaking to provide customers with a product performance guarantee and ransomware warranty goes live. The firm is the first company to back its artificial intelligence (AI) based cybersecurity product with a performance guarantee. It promises its customers an incredibly low false positive rate.
Moreover, the ransomware warranty for its cybersecurity product is three times higher than other cybersecurity firms. Deep Instinct provides a ransomware warranty of up to $3 million to its customers for a single breach.
Guy Caspi, co-founder and CEO of Deep Instinct said in a company blog, “We are offering a level of protection for our customers that goes beyond anything on the market today. 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.”
The New York based firm stated that the warranty and guarantee would be available to current paying customers. To be eligible, customers would need to be running the firm’s most up-to-date cybersecurity product with default settings set at moderate or above.
Furthermore, to receive a payout for an event, customers must follow Deep Instinct’s instructions to mitigate the ransomware’s impact. Among other steps, this includes blacklisting ransomware affected devices within pre-agreed timeframes.
The warranty against ransomware attacks will cover customers’ costs associated with business interruption, loss of business and systems recovery.
Deep Instinct Backed by Munich Re
Deep Instinct’s undertaking was made possible thanks to the backing from the German reinsurance company, Munich Re. Munich Re undertook an extensive due diligence process before agreeing to back the firm with its new product aiSure. Munich Re’s aiSure policy allows companies developing AI-based products to provide performance guarantees for them.
“Insuring Deep Instinct’s ground-breaking technology is another important milestone in the development of aiSure. We are delighted to support a truly innovative company that is a pioneer in its field,” said Greg Barats, senior executive at Munich Re.
A report released last month by Deep Instinct states that ransomware attacks in 2020 increased by 435% compared to 2019. Consequently, the fact that Munich Re has been willing to back the firm provides “a strong signal of trust and accountability”.