Reportedly, 95% 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 amongst 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.
"Based on the continuous uptick of breaches, we're seeing more companies demand more from their security vendors to counteract the associated risks and costs," said Jeremiah Grossman, Chief of Security Strategy at SentinelOne. "Instead of considering third-party solutions, many companies are rightfully holding their current security vendors to a higher standard. The industry has reached a tipping point, where security vendors will need to guarantee that their products will hold up against cyberattacks and assume responsibility if they fail to do so."
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.
"As our data indicates, customers are tired of paying additional fees to address security breaches, especially when they have already paid for security defenses in the first place," continued Grossman. "Demanding that more vendors provide product guarantees will only help to move the industry forward. As a result, more R&D dollars will be spent developing secure solutions and ensuring that security innovation keeps pace with the advanced skillsets of our adversaries."
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).