According to Citadel, its Hercules SecurePlus warranty is the first of its kind for security software.
Under the warranty, Citadel must provide timely and accurate fixes for known vulnerabilities according to the standards in its service agreement. If it fails to do so, and a company suffers a cyberattack as a result, the warranty will reimburse customers for eligible asset loss or the cost of restoring their lost data - up to the amount of their Hercules contract.
Citadel collaborated with American International Specialty Lines Insurance Company, a member of the American International Group (AIG), to provide the warranty.
"Our private and public sector customers recognize they have a responsibility to protect their computer systems from cyberattack. At the same time, software manufacturers have a responsiblity to ensure their products perform as promised," Citadel CEO Steve Solomon said in a statement.
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