Arctic Wolf has launched its new security operations warranty – akin to gap cover for cyber insurance – to customers in South Africa.
Speaking during a webinar this week, Jason Oehley, Regional Sales Manager at Arctic Wolf Networks, explained that the new warranty is available at no cost to qualifying customers, with the value of the coverage increasing in line with Arctic Wolf services that customers have in place.
“Our goal is to harden our customers’ security and reduce cyber risk across the board, so we now provide a warranty offering financial assistance in the event of an attack. This add-on further reduces their total risk. We are putting our money where our mouth is and providing even better value for customers,” Oehley said.
The warranty is underwritten by an Arctic Wolf partner and covers customers for the duration of their Arctic Wolf service contracts.
Oehley explained that the Arctic Wolf security operations warranty differs from other SOC warranties in that coverage is not dependent on the size of the organisation or the number of devices in the organisation.
“We have taken a different approach to provide an industry-leading financial benefit.
We help to cover costs associated with ransomware, business e-mail compromise, cyber legal liability and business income losses in the event of a cyber event,” he said. “The more of our services you use, the better your overall cyber security posture, therefore the higher the warranty we can offer. Our total solution taken over three years offers $1.5 million in cover, but if you add our Aurora Managed Endpoint Defense on top of our total bundle, we double the cover to up to $3 million.”
Building cyber resilience
He highlighted the Arctic Wolf approach to mitigating risk for customers: “Our risk assessment model quantifies the potential impacts of cyber crime on areas such as revenue, margins and employees. It helps organisations understand the potential risk and impact of an attack, and how these risks and impacts can be reduced by our products and services.
“We look at both the well-known costs of an attack and the lesser-known costs that insurers may not cover – such as wasted payroll, revenue downtime and company valuation decline,” Oehley added.
Arctic Wolf then works to mitigate cyber risk by helping customers identify, detect, respond to and recover from cyber threats. The Arctic Wolf Security Operations Cloud spans the complete security operations framework, including managed detection and response (MDR), managed risk, managed security awareness and incident response – all delivered by the industry’s original Concierge Delivery Model.
Complementing cyber insurance
Oehley explained that these Arctic Wolf Services, together with the new warranty, complement cyber insurance to reduce the total cyber risk companies face.
“The intention is to use the warranty and insurance together to transfer any residual financial risk,” he said.
He emphasised that Arctic Wolf addressed key cyber insurance requirements related to security controls that should be in place, including monitoring and response, EDR, vulnerability management, employee security awareness training, privileged account management and incident response.
“This alone can reduce risk by up to 95%. Our team is available to help customers’ insurance brokers understand our services and how we reduce the residual risk,” he said. He noted that by addressing the key requirements for cyber insurance cover, Arctic Wolf helped fund the insurance deductible, lower insurance premiums and enhance coverage limits.
To learn more about the Arctic Wolf Security Operations Warranty, go to https://arcticwolf.com/why-arctic-wolf/#security-operations-warranty.
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