SentinelOne Risk Assurance Initiative gives insurers a chance to offer the Singularity Platform to customers at competitive rates, and to make the market as a whole more cyber resilient.
Getting cyber insurance is important for organizations that depend on the proper functioning of digital infrastructure. The premium for such insurance depends on several factors. It depends on the turnover of a company, the amount a company wants to insure, the processes an organization has, among other things. Of course, it also matters how well an organization has its cyber defenses in place. The better it is, the more risk an insurer can and dares to take. That is where SentinelOne’s Risk Assurance Initiative comes in.
SentinelOne Risk Assurance Initiative
SentinelOne’s Risk Assurance Initiative is a new program. Its goal is to allow insurers to secure their customers’ infrastructure. Quite a few cyber insurance providers were doing that anyway. Some names mentioned by SentinelOne include AXA XL, Coalition, Travelers, At-Bay and CFC. The new thing about this initiative is that they can now do this at preferred (that is, more competitive) rates than they could do it before.
You can think of the Risk Assurance Initiative as an investment from SentinelOne to make the market as a whole more cyber resilient. Of course, no doubt one of the goals is also to be able to sign up more customers for the Singularity Platform. So it’s not an entirely altruistic initiative. Nor does it have to be, to be clear. However, if this initiative means that more insurers’ customers will now go for this platform rather than less capable solutions because it is now more affordable, it improves security across the board. Also, insurers can lower their rates to customers now too, thus drawing in more customers.
Will SMB be the big winner?
All in all, then, the Risk Assurance Initiative should have a positive effect for all parts of the security chain: supplier, insurer and customer. It can be particularly interesting for the SMB sector. They generally do not fall within the target audience of a platform like SentinelOne’s Singularity Platform because of the cost. Because of this initiative, this cost can go down, allowing the Singularity Platform to compete with significantly cheaper and lower-performing solutions.
If SMBs can become more secure through an initiative like this, that is an excellent development. In general, SMBs are chronically undersecured. Since the insurers can also offer Managed Detection and Response (MDR), SMBs don’t have to worry about actually deploying and running the platform. Interestingly, SentinelOne is also offering the Singularity Platform for free to insurers in Incident Response.
Of course, it remains to be seen how the SentinelOne Risk Assurance Initiative will run and work in practice. The idea behind it is definitely good and interesting as far as we are concerned. In order to reinforce the performance promises of the Singularity Platform and to win over potential doubters, SentinelOne also provides a so-called Breach Response Warranty for the platform. This can be seen as an extra “insurance” (even though it technically isn’t, of course) on top of the insurance that organizations take out with their insurer.
Also read: SentinelOne promotes Purple AI from security assistant to autonomous SOC analyst