A warranty is a commitment from a seller or manufacturer that goods purchased are free of defects or faults for a certain period of time. In the context of technology mergers and acquisitions, warranties are often utilized to control the risks of cybersecurity and availability of data.
Data security warranties are becoming more popular with distributors. With ransomware expected to cost businesses $265 billion by 2031 and the potential to attack every 2 seconds, it’s not surprising that they provide this new assurance to their clients. These guarantees minimize the risk of economic loss related to cyberattacks by shifting legal liability to the company. They are typically offered as a supplement to cybersecurity insurance to fill in the gaps where coverage might not be enough.
The exact terms of a security guarantee fluctuate extensively, but they usually contain a shortage of revenue for business along with additional costs incurred and reputational damage arising from a breach. They may also include policies meant for legal responsibility, which covers the expenses of letting those affected by an attack to be identified as well as any fines or charges that result from potential lawsuits.
While the concept behind a data security guarantee is an excellent one, many of them are faulty. Consider the example of Rubrik, which offers the “Recovery Incident Warranty.” This warranty will pay for what they call “Recovery Incident Expenses.” However, this doesn’t mean your employees are paid for the hours spent on a recovery event. Rubrik will only pay the expenses if they have receipts for the expenses. This is a little red flag.
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