Data breaches affect businesses every two seconds, and could cost $265 billion by 2031. It is no surprise that distributors are now offering a different type of warranty to buyers. These warranties are designed to help reduce the economic risks associated with cyberattacks by transferring responsibility from the MSP to their buyer to the vendor. They are usually utilized to complement cybersecurity insurance policies and fill in the gaps where they may fail.
A data security warranty can assist businesses in protecting their sensitive information from online hazards. However not all warranties are created equal. Some warranties have strict conditions which can require a company to pay a high price for retrieving data in the event of a breach.
The manufacturer’s guidelines on how to use a device will not be covered by a warranty that covers the cost of repair or replacing the device in the event of a sudden problem. In the same way, an ”as is” warranty disclaimer helps the vendor be free of liability if a purchaser discovers unexpected defects following taking possession of a product.
The best cyber warranties incentivize businesses to implement and follow robust security protocols as a condition of coverage. In the end, they are a great tool to improve the overall effectiveness of your business’s cybersecurity strategy. The bottom line is that even though insurance covers the possibility of something happening, a warranty guarantees it will happen. It’s a huge difference in a world where the entire world could be devastated by one cybersecurity technology failure.
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