Most customers these days are also on products that mux across these cables. So, if your Trans-Atlantic cable has two simultaneous outages, your traffic would automatically route itself across the Pacific. Your latency would go up, but your service would continue.
When I was there, construction was beginning on SMW-4, which had the dubious honor of being the first billion dollar cable. They are typically incorporated via international treaties between states and companies that are roughly about 100 pages long. Each partner has to cover maintenance on the part between the main cable and their drop, while everyone chips in on the main part.
It really is fascinating; outages are typically caused by boat anchors close to shore or large earthquakes. Once a guy in Hawai'i cut the Southern Cross wire with a pair of clippers while doing yardwork.