Digital transformation is empowering our organizations to be more efficient. But at the same time our dependency on the performance and availability of technology services increases the risk of business interruptions. Cloud downtime Insurance is a parametric solution to protect enterprises to recoup losses due to the downtime of Cloud providers, CRM, eCommerce, and Content Delivery Networks.
Cloud downtime versus cyber insurance
Standalone Cyber Insurance is the perfect solution to transfer the residual risk the best cyber security technology can't prevent. Cyber insurance is needed to protect your company from a business interruption in the eminence of a cyber attack, support the payment of ransomware if required, and cover your expenses with potential data breaches. Cloud downtime insurance, on the other hand, covers the downtime of technology service providers when the service interruption is different from a cyber attack. Ideally, the IT system should be redundant to prevent critical applications. Still, as we expand the adoption of cloud computing, the workload on specific tech providers may disrupt your operations in case of an outage. Parametric insurance differs from indemnity insurance; specific events automatically trigger the payment.