Arctic Wolf Expands Security Operations Warranty to Europe and Oceania

Arctic Wolf is expanding the availability of its Security Operations Warranty to customers in Europe and Oceania. The company is offering up to 1 million dollars (931,400 euros) in compensation in the event of a major cybersecurity incident.
Chief product officer Dan Schiappa acknowledges that no security tool can stop every cyber-attack. That is why 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 extension 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 across all threat surfaces.”

What is Included in the Security Operations Warranty?

The Arctic Wolf Security Operations Warranty is available to customers who have purchased Managed Detection and Response and other Arctic Wolf products. Anyone suffering from a ransomware attack, phishing or other cyber incident can approach the company for compensation. The amount that is made available must cover various costs, including incident response activities, legal expenses and possibly matters that can ensure compliance again.

The Growing Need for Cyber Insurance

Guarantees of this nature have been in demand recently. For example, NetApp recently came up with a ransomware compensation without mentioning an amount, while Rubrik offers coverage of up to 10 million euros. In short: the suppliers of security software know that they cannot close every security hole. Extra security is always good, on top of the existing security tools.
However, what Arctic Wolf research shows is that 40 percent of organizations currently still lack overarching cyber insurance. A worrying percentage given the continuous digitization of industry and government agencies. The importance of IT infrastructure is therefore increasing, and with it the possible damage that companies can incur due to cyber incidents.
According to an Arctic Wolf customer, there are competitors who claim that they can stop cyber attacks completely. CEO at IT service provider medocino Hamburg Stephan Beckmann believes the Security Operations Warranty will cause a stir within the industry.