Data loss is a problem for a business every two seconds and predicted to cost businesses $265 billion by 2031 It’s no wonder that more distributors are offering customers an entirely new type of warranty which is called the cybersecurity warranty. These warranties are designed to minimize the financial risk of cyberattacks and are often used as a supplement to insurance. They cover the gaps that insurance doesn’t cover.
These warranties aren’t all the same. Certain warranties have strict conditions which can cost companies a significant amount of money in order to retrieve information in the event a cyber attack. The stipulations can include:
Incorporating this type warranty into an M&A deal can be an excellent way to ensure that the buyer has adequate protections against security threats that could be a threat, and that the vendor will take steps to prevent attacks like this from happening in the near future. In addition to the usual warranties and representations that are included in the asset or stock purchase agreement, these warranties can be made to address privacy concerns, data security, as well as other relevant issues specific to the transaction being considered.
A typical warranty may include the cost of repairing and replacing hardware, the cost of forensics and IT work to retrieve data, as well as the cost of remuneration for individuals affected by breaches. Certain warranties also cover legal expenses that could arise from lawsuits. A more comprehensive version may also pay for lost revenue and the cost of programming the software and also the cost to repair reputational damage caused by an incident involving security.
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