How to Negotiate a Cybersecurity and Privacy Data Safety Warranty in a Technology M&A Deal

With data loss impacting businesses every second and estimated to cost businesses $265 billion by 2031 so it’s no wonder distributors are offering consumers a brand new type of guarantee which is called the cybersecurity warranty. Created to help mitigate the financial risk of cyberattacks and breaches These warranties are usually a complement to cybersecurity insurance. They can help to fill in the gaps when insurance doesn’t offer security.

These warranties are not all the same. Some warranties have rigid conditions that can cost companies amount of money to retrieve information in the event a cyber attack occurs. Those stipulations may include:

This type of warranty can be included in a technology M&A agreement to ensure that the buyer https://www.toptechno24.com/board-meeting-minutes-legal-requirements-to-achieve-in-board-of-directors-software/ is adequately protected against potential security threats and that the vendor takes measures to prevent future attacks. These new warranties, in addition to the usual representations and warranty clauses in an asset purchase agreement or stock purchase contract, can be negotiated so that they address privacy, data protection and other pertinent issues specific to the deal.

A typical warranty can include the cost of repairing and replacing equipment and software, as well as the cost of forensics and IT work to recover data, and the cost of compensating people who are affected by a breach. They also cover the costs of legal expenses resulting from lawsuits. A more comprehensive version might also cover lost revenue, the cost of reprogramming the software and the expense to restore reputational damage caused by security incidents.

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