Security Vendors Under Pressure to Offer Cyber Guarantees
A majority (95 percent) of U.S. companies want to see their IT security vendors offer a guarantee on their products and services, and 88 percent claimed they would change providers if they could find an alternate IT security vendor that offers a guarantee.
An earlier SentinelOne survey on the business impact of ransomware revealed that while 92 percent of businesses use antivirus products on all their company endpoints, 50 percent admitted that their organizations had still fallen victim to a ransomware attack. 68 percent believed that security vendors are losing the battle against cyber criminals, illustrating the level of despondency amongs users.
According to new survey data from SentinelOne, more than half (59 percent) of companies believe that if security vendors are confident in their products, then they should guarantee them. Nearly half (49 percent) of respondents stated that if the product has a fault, the vendor should be held responsible.
While 83 percent of respondents indicated that their business already has a cyber insurance policy in place, only one-quarter noted that their insurance actually covers the extortion cost of a ransomware attack. And 18 percent of respondents did not know that they could purchase cyber insurance to begin with. Of those who do not currently have a cyber insurance plan in place, 70 percent of respondents indicated that they choose to invest their money and resources in prevention.
The survey also revealed that in the past 12 months, companies had to make a claim against lost devices (40 percent), Trojans (39 percent), phishing campaigns (37 percent) and DDoS attacks (31 percent).