The Benefits of a Data Safety Warranty
With data breaches impacting companies every second and expected to cost businesses $265 billion by 2031, it’s no wonder more distributors are offering buyers a new kind of warranty. These warranties are intended to reduce the financial risks that are associated with cyberattacks by shifting responsibility from the MSP or their purchaser to the vendor. They are often used to complement cybersecurity insurance and fill in gaps in the traditional policies that may be inadequate.
A data safety guarantee can help businesses protect its sensitive information from online threats, but not all of these warranties are all created equal. Certain warranties have strict stipulations that can prevent an enterprise from paying a high cost to retrieve information in the event of a security breach.
A manufacturer’s recommendation on how to use a machine can prevent a warranty covering the cost of repair or replacing the device in the event of an unexpected problem. Also, an “as is” warranty disclaimer helps the vendor be free of liability if a purchaser discovers unexpected defects upon acquiring a product.
Cyber-security warranties that are the best encourage companies to follow and adhere to robust security protocols. They can be a valuable tool to increase the efficiency of your cybersecurity strategy. In the end, insurance takes care of the risk of something happening. A warranty guarantees that it will. It’s a big difference in a world that can be destroyed by a single cybersecurity technology failure.