Fulcrum IT Partners Is Offering Customers Up To $1M Cybersecurity Warranty
BY STEVEN BURKE
'We see this warranty as a good way to give customers a financial backstop on the cybersecurity investments they make with Fulcrum IT Partners,’ says Fulcrum IT Partners US and Canada President Kyle Lanzinger.
Fulcrum IT Partners, the billion-dollar solution provider behemoth, is offering customers a 100-percent cash refund on services it provides impacted by specific cybersecurity incidents and up to $1 million as part of a new cybersecurity warranty program.
The warranty program, which was developed in conjunction with cyber resilience warranty provider Spectra, covers security incidents like ransomware and DDoS attacks.
The warranty – which pays off up to a $1 million under certain conditions - is available immediately in the United Kingdom as part of Fulcrum IT Partner’s Tieva managed services brand. It will be available starting in the second quarter in the US and Canada.
“We see this warranty as a good way to give customers a financial backstop on the cybersecurity investments they make with Fulcrum IT Partners,” said Fulcrum IT Partners US and Canada President Kyle Lanzinger. “Customers are scared. They are getting attacked. They have no real financial way of protecting themselves. I don’t know of anyone that is doing this.”
Fulcrum, in fact, said it is the first MSP to bring the Spectra backed warranty to customers, providing peace of mind for customers amidst an ever increasing tide of cyber attacks.
In some cases, the warranty is embedded in Fulcrum IT Partners services and in other cases it may require a separate monthly fee, said Lanzinger.
The warranty is not an insurance policy, stressed Lanzinger, but rather a cybersecurity warranty for Fulcrum IT Partners’ cybersecurity services.
“The insurance companies who are backing our services will pay out that warranty under specific conditions,” said Lanzinger. “So the insurance companies are betting that our services will be adequate to cover the customer and reduce the financial risk. Spectra is making a bet on our ability to secure our customers. This shows huge confidence in the Fulcrum IT security service portfolio.”
The warranty is a critical step in opening the door to more affordable cybersecurity insurance for customers, said Lanzinger.
“Insurance companies aren’t getting the right data they need from customers to be able to offer cyber insurance,” he said. “In other cases the prices are really high because insurance companies don’t have that data. Because the insurers are backing us up on these warranties we are hoping to help customers in some cases to get cyber insurance or in other cases to get better prices on cyber insurance.”
Lanzinger said the new warranty is a classic case of Fulcrum IT Partners delvering a breakthrough to solve a big customer problem: in this case the lack of affordable cybersecurity insurance.
“The gap between cybersecurity technology and insurers is wide,” he said. “What we are trying to do is bridge that gap with the added goal of eventually getting our customers access to appropriately priced cyber insurance.”