Data breaches are affecting companies every two seconds and estimated to cost businesses $265 billion by 2031, there is no wonder that distributors are providing buyers with new warranties. These warranties are designed to reduce the financial risks associated with cyberattacks by transferring responsibility from the MSP to their buyer to the vendor. They often supplement cybersecurity insurance and fill in the gaps where traditional policies fail.
Incorporating a data safety warranty Recommended Reading will help protect its sensitive data from online risks, but not all of these warranties are created equal. Certain have strict rules which can result in an enterprise paying a large cost to retrieve information in the event of a security breach.
A manufacturer’s advice on how to use the machine can prevent a warranty covering the cost of fixing or replacing the device in the event of an unexpected problem. A “as-is” warranty disclaimer permits the vendor to abstain from liability in the event that a buyer discovers unexpected flaws after the purchase of a certain product.
The best cyber warranties encourage companies to implement and adhere to robust security protocols as part of the policy. In the end, they can become a useful instrument to boost the effectiveness of your company’s cybersecurity strategy. In the end, insurance takes care of the possibility of something happening. A warranty assures you that it will. It’s a huge difference in a world that can be devastated by one cybersecurity technology failure.
