Data breaches https://www.toptechno24.com/board-meeting-minutes-legal-requirements-to-achieve-in-board-of-directors-software/ are affecting businesses every two seconds and could cost $265 billion by 2031. It’s no surprise that distributors are now offering a different type of warranty for buyers. These warranties are designed to decrease the financial risk associated with cyberattacks by shifting the responsibility from the MSP to the vendor. They usually complement cybersecurity insurance and fill in the gaps where traditional policies may be inadequate.
A data safety guarantee can help businesses keep its sensitive information safe from online threats, but not all of these warranties are made equal. Some warranties have strict conditions that can force businesses to pay a significant amount for retrieving data in the event of a breach.
A manufacturer’s advice on how to use the machine could prevent a warranty from covering the cost of fixing or replacing the device in the event of a sudden problem. Also, an “as is” warranty disclaimer allows the vendor be free of liability if buyers discover unexpected defects after acquiring a product.
The best cyber warranties encourage businesses to implement and follow strict security protocols as a condition of coverage. They can be a useful tool to increase the efficiency of your company’s cybersecurity strategy. The bottom line is that insurance covers the risks of something happening. A warranty guarantees that it will. This is a huge difference in a world which could be destroyed by a single cybersecurity technology failure.