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With data breaches affecting companies every second and expected to cost businesses $265 billion by 2031, it is not surprising that more distributors are offering buyers new types of warranties. These warranties are intended to limit the economic risk that are associated with cyberattacks by shifting liability from the MSP or their purchaser to the vendor. They are usually used to supplement cybersecurity insurance policies and fill in the gaps in which they may fall short.
A data security warranty can help keep sensitive information secure from online hazards, but not all of them are alike. Certain warranties have strict stipulations which can result in an enterprise forking over a big cost for information retrieval in the event of a breach.
A manufacturer’s advice on how to use a machine will not be covered by a warranty that covers the cost of fixing or replacing the device in the event of a sudden problem. A “as-is” warranty disclaimer permits the seller to avoid liability in the event that a buyer discovers unexpected defects after the purchase of a certain product.
Cyber warranties that are the best also encourage companies to adopt and adhere to robust security protocols. As a result, they can be a powerful tool for increasing the overall effectiveness of your organization’s cybersecurity strategy. The bottom line is that, while insurance takes care of the possibility of an event happening, a warranty guarantees it will happen. This is a huge difference in a world that can be devastated by one cybersecurity technology failure.