Cybersecurity firm offers users reimbursement for ransomware infections

The company will cover up to $1 million in damages for any customers infected by ransomware

Security firm SentinelOne is confident it can beat any of today’s ransomware -- and is willing to put money behind that claim.

The company is offering a new service that will cover up to US$1 million in damages for any customers infected by ransomware.

SentinelOne is calling it the “Cyber Threat Guarantee” and treating it like an extended warranty that customers can buy starting Tuesday.

However, the company is convinced it won’t have to make any pay outs, said Jeremiah Grossman, its chief of security strategy. SentinelOne’s failure rate in stopping ransomware attacks is “way less than 1 percent,” he said in an interview.

During the times its security did fail, the client’s computer hadn’t been running the latest version of SentinelOne’s software, he added.

Grossman hopes the guarantee will bring some accountability to the cybersecurity industry, and let customers “navigate around outlandish marketing claims.”

“When security vendors sell products they are not giving a guarantee, which is completely different from any other space, whether it be electronics or cars,” he added.

SentinelOne’s guarantee works like this: for individual computers infected with ransomware, the company will pay up to $1,000 to free the system. The number of computers it will cover is up to 1,000 systems.

The policy has been designed this way because most ransomware attackers ask for around $250 or more to decrypt any data held hostage, Grossman said.

Customers who opt-in to the guarantee will pay an additional $5 fee for each Windows PC or server protected on top of their existing service. The coverage will last a year before it can be renewed again.

Grossman joined SentinelOne last month after designing a similar guarantee program for his previous company, Whitehat Security. Under that program, WhiteHat would refund customers if their websites ever got hacked with a vulnerability that the company failed to detect.

In today's market, clients can also buy cyber insurance to cover any damages they face from hacking attacks. But Grossman said it’s time for security vendors to also offer better product assurance, especially when customers are spending millions each year to protect their IT systems.

The offer from SentinelOne might be unique. Jane Wright, a security analyst with Technology Business Research, said she wasn’t aware of other vendors offering this kind of reimbursement.

“SentinelOne’s offering could set a new standard that changes customers’ expectations of the efficacy of ransomware protection,” she added. As a result, other companies could end up following suit.

Whether that guarantee makes SentinelOne a target of hackers remains to be seen. Grossman said he doesn’t think that will happen. Hackers don’t typically pick their victims based on who insures them, he added.

Instead, he hopes that the company’s guarantee will help customers discern between legitimate security firms and “snake oil vendors” offering shoddy products.

“I’m ready for all the other vendors to guarantee what they do,” he said. “I think that’s far superior than us competing for customers with billboard presentations.”

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Michael Kan

IDG News Service
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?