Cysurance & 360 SOC: What Cyber Warranties Bring Fintechs

With the cybersphere being rife with threats, companies are trying to find ways to insure they are covered in the event they suffer an attack.

Therefore, the ideas of cyber warranties are becoming increasingly valuable in today's fast-evolving digital landscape.

Designed to cover the financial and operational impact of cyber incidents, they are proving indispensable for organisations seeking to mitigate risks associated with data breaches, ransomware attacks, and other forms of cybercrime. 

Cysurance, a risk mitigation firm that certifies and insures security solutions, has announced a partnership with 360 SOC, a provider of managed detection and response services, to offer enhanced cybersecurity protection backed by a substantial warranty.

Warranty protection 

Under the new agreement, Cysurance's Certification Warranty programme will now cover 360 SOC's clients.

This initiative combines cybersecurity solutions with warranty and insurance coverage, offering financial protection in the event of a cyber incident.

The programme provides reimbursements of up to US$500,000 to cover a range of remediation costs, including legal and regulatory fees, ransomware recovery, and addressing business email compromise incidents—a scam that targets companies involved in wire transfers.

“As a programme underwriter, the warranties tied to our certification can be applied to cyber insurance deductibles or any other expenses following a security incident or breach,” says Kirsten Bay, CEO of Cysurance.

Alongside the warranty, the partnership offers 360 SOC customers fast-tracked access to cyber insurance policies from trusted carriers at discounted rates.

This integrated approach, combining managed IT services, robust cybersecurity measures, and insurance coverage, aims to minimise both the frequency and impact of cyberattacks.

“360 SOC is recognised for its ability to deliver innovative, tailored security solutions that integrate smoothly with an organisation's existing security framework," says Chris Ichelson, CEO of 360 SOC.

A path for fintech to follow

For fintech firms that manage sensitive financial data and operate within tight regulatory frameworks, this partnership presents a thorough cybersecurity strategy.

By combining advanced security solutions with financial protection, it effectively addresses both the technical and financial elements of cyber risk management.

The Cysurance Certification Warranty programme adds an extra layer of assurance to organisations using 360 SOC’s solutions, offering both credibility and financial support in times of crisis. This certification reflects a high level of resilience, further bolstering confidence in the security measures in place.

360 SOC’s expertise lies in Managed Detection and Response (MDR) and Security Operations Center as a Service (SOCaaS), delivering round-the-clock protection from cyber threats using a mix of advanced technologies like machine learning and skilled human oversight.

The company’s offerings also include Network Detection and Response (NDR) for monitoring network traffic for potential threats and Endpoint Detection and Response (EDR), which secures individual devices.

In addition, 360 SOC uses User and Entity Behavioral Analytics (UEBA) to identify suspicious user behaviour indicative of a security breach.

“Cysurance-certified solutions from 360 SOC are instrumental in addressing the vulnerabilities faced by leaders across public, private, and non-profit sectors," says Kirsten. "The added financial security offers peace of mind for 360 SOC clients navigating the complexities of modern cybersecurity challenges.”

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