Cloud User insurance and Cloud Provider Insurance
In this blog, we are going to explore the following topics and provide some suggestions and recommendations:
- What is Cloud User insurance and Cloud Provider Insurance
- How protected are you when using the cloud?
- How protected are the cloud provider?
- What are some Cloud insurance provider?
- Is there any insurance available for organisations in case of data loss on computers?
- What are some cloud based insurance solution?
- What do the top 3 public cloud providers like AWS, Azure, Google cloud do to insure customer data loss?
As cloud user, cloud customer, company storing customer data in the cloud, you probably have a lot of personal or private data hosted in various infrastructure in the cloud. Losing that data or having the data accessed by hackers or unauthorized third party can be very harmful both financially and emotionally to you or your customers. A cloud User or Customer Insurance can protect you against data lost or stolen data. Practically, the cloud computing insurance is a cyber liability policy that covers web-based services. Before looking for a customer insurance in the cloud, you need to clarify “What data should the insurance cover and under which governing laws?“, “What data can be considered a loss?” . The good news is : as cloud adoption is increasing in the insurance industry, insurers have the opportunity to better understand their operations models and to implement tailored insurance solutions for cloud.
Cloud Data loss can happen in the following forms:
First Party Losses: losses where the cloud provider incurs damages. Those types of losses include:
- Destruction of Data
- Denial of Service Attack (DOS)
- Virus, Malware and Spyware
- Human Error
- Electrical Malfunctions and Power Surges in data centers
- Natural Disasters
- Network Failures
- Cyber Extortion
Each of the above exposures to loss would result in direct damages to the insured, or first-party loss.
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Third-Party Losses – damages that would occur to customers outside of the cloud provider. These types of losses include:
- Breach of Privacy
- Misuse of Private Personal Information
- Defamation or Slander
- Transmission of Malicious Content
The above exposures could result in a company being held liable for the damages caused to others (liability).
Cyber insurance is a form of insurance for businesses and individuals against internet-based risks. The most common risk that is insured against is data breaches. … It also covers losses from network security breaches, theft of intellectual property and loss of privacy.
Data Compromise coverage insures a commercial entity when there is a data breach, theft or unauthorized disclosure of personal information. … Thus Cyber Liability covers both the expenses to notify affected individuals of data breaches and the expenses to make the insured whole for their own damages incurred.
Some insurance companies that specialize in Cyber Insurance include:
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- XL Group.
- Arceo.ai raises $37 million to expand cyber insurance coverage and access
Contact an Independent Insurance Agent near you that writes Cyber Insurance and ask them to get multiple quotes for your business.
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However, a more effective risk management solution might be loss control rather than financing. If you encrypt your data at rest and set up and adopt a process of automatic regular backups, and geographically distribute those backups , then you have effectively minimized the potential costs of loss.
Cyber Insurance is not yet standardized as many other forms of commercial insurance. Therefore, breadth of coverage and pricing can vary widely.
Below is AWS commitment to data privacy:
- Access: As a customer, you maintain full control of your content and responsibility for configuring access to AWS services and resources. We provide an advanced set of access, encryption, and logging features to help you do this effectively (e.g., AWS Identity and Access Management, AWS Organizations and AWS CloudTrail). We provide APIs for you to configure access control permissions for any of the services you develop or deploy in an AWS environment. We do not access or use your content for any purpose without your consent. We never use your content or derive information from it for marketing or advertising.
- Storage: You choose the AWS Region(s) in which your content is stored and the type of storage. You can replicate and back up your content in more than one AWS Region. We will not move or replicate your content outside of your chosen AWS Region(s) without your consent, except as legally required and as necessary to maintain the AWS services.
- Security: You choose how your content is secured. We offer you strong encryption for your content in transit and at rest, and we provide you with the option to manage your own encryption keys. These features include:
- Data encryption capabilities available in AWS storage and database services, such as Amazon Elastic Block Store, Amazon Simple Storage Service, Amazon Relational Database Service, and Amazon Redshift.
- Flexible key management options, including AWS Key Management Service (KMS), allow customers to choose whether to have AWS manage the encryption keys or enable customers to keep complete control over their keys.
- AWS customers can employ Server-Side Encryption (SSE) with Amazon S3-Managed Keys (SSE-S3), SSE with AWS KMS-Managed Keys (SSE-KMS), or SSE with Customer-Provided Encryption Keys (SSE-C).
- Disclosure of customer content: We do not disclose customer information unless we’re required to do so to comply with a legally valid and binding order. Unless prohibited from doing so or there is clear indication of illegal conduct in connection with the use of Amazon products or services, Amazon notifies customers before disclosing content information.
- Security Assurance: We have developed a security assurance program that uses best practices for global privacy and data protection to help you operate securely within AWS, and to make the best use of our security control environment. These security protections and control processes are independently validated by multiple third-party independent assessments
Microsoft Azure Data Privacy and protection Commitment
Google Cloud commitment to data privacy and security:
What types of business insurance are available?
- Property and Casualty Insurance: Property insurance covers the physical location of the business and its contents from things like fire, theft, flood, and earthquakes—although read the terms carefully to make sure they include everything you need. Casualty insurance, on the other hand, covers the operation of the business, but the two are usually grouped together in policies.
- Auto Insurance: Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company.
- Liability Insurance: Liability insurance is insurance that provides protection against claims resulting from injuries and damage property.
- Business Insurance: Business interruption insurance can make up for lost cash flow and profits incurred because of an event that has interrupted your normal business operations.
- Health and Disability Insurance: Health insurance provides health coverage for you and your employees. This insurance covers your employees for the expenses and loss of income caused by non work-related injuries, illnesses, and disabilities and death from any cause.
- Life Insurance: Life and disability insurance covers your business in the event of the death or disability of key owners.
- Cyber Insurance: Cover Data loss, destruction of data, privacy breach, Denial of Service Attack (DOS), Network failure, Transmission of Malicious Content, Misuse of personal or private information, etc.
- Crime & Employee Dishonesty Insurance: To cover your business for fraudulent acts committed by your employees, e.g. theft or embezzlement of money, securities, and other business-owned property and for burglary, theft, and robbery of cash and other representations of money, e.g. money orders, postage stamps, travelers checks, and readily convertible securities, e.g. bearer bonds;
- Mandatory Workers Compensation Insurance: To cover your employees for injuries and illnesses sustained during the course of employment. This would include medical expenses and loss of income due to a work-related disability;
- Transportation/Inland & Ocean Marine Insurance: To pay for loss of damage to property you own or are responsible for while it is being transported or shipped to or from customers, manufacturers, processors, assemblers, warehouses, etc. by air, ship, or land vehicles either domestically or internationally.
- Umbrella Liability Insurance: To provide an additional layer of liability insurance over your primary automobile liability, general liability, employers liability, and, if applicable, watercraft or aircraft liability policies;
- Directors & Officers Liability Insurance: To defend your business and its directors or officers against allegations that they mismanaged the business in some way which caused financial loss to your clients (and/or others) and pay money damages in a court trial or settlement;
- Condos Unit Owners Personal Insurance & Landlord / Rental Property Insurance: Cover expenses that come from having a loss within your property. Whether the unit owner is living in their unit or not, it is your responsibility to ensure that your personal assets and liabilities are adequately protected by your own personal insurance policy. This coverage includes all the content items that are brought into a unit or stored in a storage locker or premises, such as furnishings, electronics, clothing, etc. Most policies out there will also cover personal property while it is temporary off premises, on vacation for example.
- Landlord property coverage is to protect the property that you own within your rental unit, which includes but is not limited to, appliances, window coverings, or if you rent out your unit fully furnished, then all of that property that is yours.
- Rental Property insurance coverage allows you to protect you revenue source. Your property is your responsibility and if you property gets damaged by an insured peril, and your tenant can’t live there for a month or two (or more), you can purchase insurance to replace that rental income for the period of time your property is inhabitable.
Do online businesses need insurance?
All businesses need insurance. Here are some suggestions:
Property Insurance: To cover your owned, non-owned, and leased business property (contents, buildings if applicable, computers, office supplies, and any other property that you need to operate your business) for such perils as fire, windstorm, smoke damage, water damage, and theft.
EDP Insurance: To cover your computer hardware and software for such perils as mechanical breakdown and electrical injury;
Cyber Property and Liability Insurance: To cover your business for its activities on the Internet. Cyber Property coverages apply to losses sustained by your company directly. An example is damage to your company’s electronic data files caused by a hacker/security breach. Cyber Liability coverages apply to claims against your company by people who have been injured as a result of your actions or failure to act. For instance, a client sues you for negligence after his personal data, e.g credit card numbers or confidential information is stolen from your computer system and released online.
Loss of Income (Business Interruption) Insurance: To cover your business for the loss of income you would sustain because it was damaged by a covered peril under your property insurance, e.g. fire, windstorm, smoke damage, and theft;
Read this blog about insurance for E-commerce
Thinking of purchasing cyber insurance? Make sure the policy you choose covers more than paying ransomware. Paying cyber criminals should be a last resort. Your policy should include cleaning & rebuilding current systems, hiring experts, & purchasing new protections.
3- Does Cyber insurance makes sense?
4- What does cyber insurance do? What does it protect?
The purpose of cyber security is to protect all forms of digital data. Protecting personal information (SSN, credit card information, etc.), protecting proprietary information .(Facebook algorithms, Tesla vehicle designs, etc.), and other forms of digital data.
5- Cloud based Insurance Providers
6- Understanding Cloud insurance
Cloud computing insurance is meant to protect a cloud provider. The implementation of a system and the preservation of important information comes with risks. If anything goes wrong, such as an outage at a critical time that results in business interruption, your client can hold you responsible and seek damages. Cloud insurance can not only provide compensation to your client as a result of a claim against you, but can also cover your legal defense and lost income.
7- Ransomware still dominates the cyber threat landscape in 2019: Europol report.
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List of Freely available programming books - What is the single most influential book every Programmers should read
- Bjarne Stroustrup - The C++ Programming Language
- Brian W. Kernighan, Rob Pike - The Practice of Programming
- Donald Knuth - The Art of Computer Programming
- Ellen Ullman - Close to the Machine
- Ellis Horowitz - Fundamentals of Computer Algorithms
- Eric Raymond - The Art of Unix Programming
- Gerald M. Weinberg - The Psychology of Computer Programming
- James Gosling - The Java Programming Language
- Joel Spolsky - The Best Software Writing I
- Keith Curtis - After the Software Wars
- Richard M. Stallman - Free Software, Free Society
- Richard P. Gabriel - Patterns of Software
- Richard P. Gabriel - Innovation Happens Elsewhere
- Code Complete (2nd edition) by Steve McConnell
- The Pragmatic Programmer
- Structure and Interpretation of Computer Programs
- The C Programming Language by Kernighan and Ritchie
- Introduction to Algorithms by Cormen, Leiserson, Rivest & Stein
- Design Patterns by the Gang of Four
- Refactoring: Improving the Design of Existing Code
- The Mythical Man Month
- The Art of Computer Programming by Donald Knuth
- Compilers: Principles, Techniques and Tools by Alfred V. Aho, Ravi Sethi and Jeffrey D. Ullman
- Gödel, Escher, Bach by Douglas Hofstadter
- Clean Code: A Handbook of Agile Software Craftsmanship by Robert C. Martin
- Effective C++
- More Effective C++
- CODE by Charles Petzold
- Programming Pearls by Jon Bentley
- Working Effectively with Legacy Code by Michael C. Feathers
- Peopleware by Demarco and Lister
- Coders at Work by Peter Seibel
- Surely You're Joking, Mr. Feynman!
- Effective Java 2nd edition
- Patterns of Enterprise Application Architecture by Martin Fowler
- The Little Schemer
- The Seasoned Schemer
- Why's (Poignant) Guide to Ruby
- The Inmates Are Running The Asylum: Why High Tech Products Drive Us Crazy and How to Restore the Sanity
- The Art of Unix Programming
- Test-Driven Development: By Example by Kent Beck
- Practices of an Agile Developer
- Don't Make Me Think
- Agile Software Development, Principles, Patterns, and Practices by Robert C. Martin
- Domain Driven Designs by Eric Evans
- The Design of Everyday Things by Donald Norman
- Modern C++ Design by Andrei Alexandrescu
- Best Software Writing I by Joel Spolsky
- The Practice of Programming by Kernighan and Pike
- Pragmatic Thinking and Learning: Refactor Your Wetware by Andy Hunt
- Software Estimation: Demystifying the Black Art by Steve McConnel
- The Passionate Programmer (My Job Went To India) by Chad Fowler
- Hackers: Heroes of the Computer Revolution
- Algorithms + Data Structures = Programs
- Writing Solid Code
- Getting Real by 37 Signals
- Foundations of Programming by Karl Seguin
- Computer Graphics: Principles and Practice in C (2nd Edition)
- Thinking in Java by Bruce Eckel
- The Elements of Computing Systems
- Refactoring to Patterns by Joshua Kerievsky
- Modern Operating Systems by Andrew S. Tanenbaum
- The Annotated Turing
- Things That Make Us Smart by Donald Norman
- The Timeless Way of Building by Christopher Alexander
- The Deadline: A Novel About Project Management by Tom DeMarco
- The C++ Programming Language (3rd edition) by Stroustrup
- Patterns of Enterprise Application Architecture
- Computer Systems - A Programmer's Perspective
- Agile Principles, Patterns, and Practices in C# by Robert C. Martin
- Growing Object-Oriented Software, Guided by Tests
- Framework Design Guidelines by Brad Abrams
- Object Thinking by Dr. David West
- Advanced Programming in the UNIX Environment by W. Richard Stevens
- Hackers and Painters: Big Ideas from the Computer Age
- The Soul of a New Machine by Tracy Kidder
- CLR via C# by Jeffrey Richter
- The Timeless Way of Building by Christopher Alexander
- Design Patterns in C# by Steve Metsker
- Alice in Wonderland by Lewis Carol
- Zen and the Art of Motorcycle Maintenance by Robert M. Pirsig
- About Face - The Essentials of Interaction Design
- Here Comes Everybody: The Power of Organizing Without Organizations by Clay Shirky
- The Tao of Programming
- Computational Beauty of Nature
- Writing Solid Code by Steve Maguire
- Philip and Alex's Guide to Web Publishing
- Object-Oriented Analysis and Design with Applications by Grady Booch
- Effective Java by Joshua Bloch
- Computability by N. J. Cutland
- Masterminds of Programming
- The Tao Te Ching
- The Productive Programmer
- The Art of Deception by Kevin Mitnick
- The Career Programmer: Guerilla Tactics for an Imperfect World by Christopher Duncan
- Paradigms of Artificial Intelligence Programming: Case studies in Common Lisp
- Masters of Doom
- Pragmatic Unit Testing in C# with NUnit by Andy Hunt and Dave Thomas with Matt Hargett
- How To Solve It by George Polya
- The Alchemist by Paulo Coelho
- Smalltalk-80: The Language and its Implementation
- Writing Secure Code (2nd Edition) by Michael Howard
- Introduction to Functional Programming by Philip Wadler and Richard Bird
- No Bugs! by David Thielen
- Rework by Jason Freid and DHH
- JUnit in Action
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