5thColumn, a boutique cybersecurity firm based in Chicago, announced the first industry-backed Cyber Warranty available immediately across their full portfolio of services and solutions performed for their clients.
As the insurance community attempts to identify new products and services to address the cyber-threat landscape, many solutions are incomplete giving a false sense of security to the business community across all verticals.
Most standalone Cyber insurance policies offer coverage for defense costs and settlements in a data breach lawsuit, and first-party data breach response expenses, like notification costs and credit monitoring. Many errors & omissions policies no longer provide the cyber coverage necessary to protect against today's evolving cyber risks or do so with a reduced scope and limits
These trends combined to create a widening gap in the market place, leaving organizations left with complex issues and critical decisions. In addition to the coverage gap from traditional means, many small to midsize businesses, or SMBs, (the National Center for the Middle Market's definition of an SMB is any company between $10M - $1B in annual revenues) decline purchasing a strong cyber policy, often seeing it as too cost prohibitive. A combination of cheap insurance with limited cover, overconfidence in existing staff, and false notions that can continue to go unnoticed by bad actors create compounding risk scenarios, increasing the potential impact of an incident.
What’s a Cyber Warranty? A Cyber Warranty provides consumers with purchasing confidence and a guarantee of quality such that any mistake or failure on part of the delivered services or solutions, resulting in a reportable incident, be immediately triaged and fixed without unforeseen additional expense or financial burden.
“Our uncommonly deep bench of expertise is the heart of 5thColumn’s consulting business. This group has collectively pushed our innovation, resulting in an integration and orchestration platform that is every bit as capable as the engineers that contribute to it. The platform enables our business to scale with customer demands and captures empirical data demonstrating business specific risk reduction.
The effectiveness of our solutions, the abilities of our platform to identify and mitigate business specific risks in a predictive, measurable manner has grabbed the attention of several leaders within the insurance community. These factors gave birth to the Cyber Warranty concept which we are proud to pioneer in our industry alongside our underwriting partners.” said 5thColumn Founder and CEO, Ray Hicks of the announcement.
“Everyone in our industry wants to be considered a trusted advisor in their value-added partner / reseller role but along the way, cost became the defining metric in the value equation and not quality or impact. You should expect more. We’re the first to offer an industry-backed warranty to provide our customers with a standard they can count on ultimately creating trust and peace of mind.”
About 5thColumn: Founded in 2012, Chicago-based 5thColumn is an information security company focused on advanced real-time threat protection and managed threat detection and response powered by an agnostic and flexible security orchestration and integration platform.