Munich Re is backing a new performance guarantee and ransomware warranty from cybersecurity specialist Deep Instinct.
Following a due diligence on Deep Instinct’s technology, Munich Re decided to provide insurance for the guarantee and warranty via its new product, aiSure.
Deep Instinct says the backing will enable it to guarantee the performance of its artificial intelligence (AI) software and add an additional financial component to its operational cyber-risk protection products.
“Insuring Deep Instinct’s groundbreaking technology is another important milestone in the development of aiSure. We are delighted to support a truly innovative company that is a pioneer in its field,” said Greg Barats, senior executive at Munich Re and president and CEO of HSB, a Munich Re Group company.
“The partnership gives Deep Instinct a significant competitive advantage − providing its clients with a strong signal of trust and accountability,” Barats added.
Guy Caspi, co-founder and CEO of Deep Instinct, also commented: “We are offering a level of protection for our customers that goes beyond anything on the market today.”
“We’re raising the stakes when it comes to the level of actionable and accurate information that security teams can count on, allowing them to be more productive in their ongoing battle against cyber attacks – and backing that with a warranty.”
A recent study by Deep Instinct shows that malware attacks increased by 358% over 2020 when compared with the previous year, while ransomware attacks increased by 435%.
