Does your firm have "cloud insurance"?
The only certain things in life are death and taxes. And with today's technology, we can now add cloud outages.
With this in mind, IT firms are offering "cloud insurance" to protect against the losses incurred when a cloud network is down for the count. In this day and age of hack attacks -- hello, Associated Press -- and assorted "acts of God," CIOs may want to mitigate their risk if or when their cloud disappears on the horizon.
The MSPAlliance has announced a partnership with Lockton Affinity, the privately owned independent insurance broker, to provide a new Cloud and Managed Services Insurance policy. The cyber insurance is aimed at service providers who require comprehensive protection, say media reports.
How does it work?
"The MSPAlliance program includes limits of liability options, which range from $1,000,000 to $10,000,000 per claim and include deductibles from $2,500 to $10,000 per claim. The insurance is available to MSPAlliance members who have completed the Unified Certification Standard (UCS).
These policies are uniquely created for cloud and managed service providers and can provide tremendous risk mitigation for both the provider and their customers," says Bill Klein, director of Insurance Services for MSPAlliance."
This makes total sense, even though the fine print for this agreement has to be incredible. As we live in an "always on" society where bank clients demand constant access to their funds and traders want to be connected to every market around the globe as well as around the clock, banks must take cloud outages seriously. After all, the loss of one hour for an investment firm could cause mutiny or even a meltdown on the trading floor.
Are you ready to tell your traders to please be patient?
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