Cloud User insurance and Cloud Provider Insurance
In this blog, we are going to explore the following topics and provide some suggestions and recommendations:
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:
Each of the above exposures to loss would result in direct damages to the insured, or first-party loss.
Third-Party Losses – damages that would occur to customers outside of the cloud provider. These types of losses include:
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:
Contact an Independent Insurance Agent near you that writes Cyber Insurance and ask them to get multiple quotes for your business.
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:
Microsoft Azure Data Privacy and protection Commitment
Google Cloud commitment to data privacy and security:
What types of business insurance are available?
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.
Resource:
1- Quora
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
* https://www.cloudinsurance.io
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.
Below is a listing of AWS certification exam quiz apps for all platforms:
IOS: https://apps.apple.com/ca/app/aws-certified-cloud-pract-prep/id1488832117
Microsoft/Windows10:https://www.microsoft.com/en-ca/p/aws-certified-cloud-practitioner-exam-preparation/9ns1xttj1d5s
Google play: https://play.google.com/store/apps/details?id=com.awscloudpractitonerexamprep.enoumen
Amazon App Store (Android): https://www.amazon.com/dp/B085MFT53J/ref=mp_s_a_1_2?keywords=cloud+practitioner&qid=1583633225&s=mobile-apps&sr=1-2
Web/PWA: https://aws-cloud-practitioner-exam.firebaseapp.com
Cloud Practitioner PRO Versions:
ios: https://apps.apple.com/ca/app/aws-certified-cloud-pract-pro/id1501104845
android google : https://play.google.com/store/apps/details?id=com.awscloudpractitonerexampreppro.enoumen
Amazon android: https://www.amazon.com/dp/B085HGKRMG/ref=pe_385040_118058080_TE_M1DP
Windows 10: https://www.microsoft.com/en-ca/p/aws-certified-cloud-practitioner-exam-preparation-quiz-pro/9phhz236gh4d
Google:
https://play.google.com/store/apps/details?id=com.awssolutionarchitectassociateexamprep.app
iOS:
https://apps.apple.com/ca/app/solution-architect-assoc-quiz/id1501225766[aws Certified Exam Quiz apps](https://apps.apple.com/ca/app/solution-architect-assoc-quiz/id1501225766)
Web(All platforms):
https://awscertifiedsolutionarchitectexamprep.com/
Amazon android: http://www.amazon.com/dp/B085MG99H9/ref=cm_sw_r_tw_awdm_xs_pqfzEb4HSYJV1
Microsoft/Windows10: https://www.microsoft.com/en-ca/p/aws-certified-solution-architect-associate-exam-prep/9ncch3cgskmp
Solution Architect PRO versions:
Ios: https://apps.apple.com/ca/app/solution-architect-assoc-pro/id1501465417
Android google: https://play.google.com/store/apps/details?id=com.awssolutionarchitectassociateexampreppro.app
Windows10: not available yet
Amazon android: https://www.amazon.com/dp/B085HR898X/ref=pe_385040_118058080_TE_M1DP
android: https://play.google.com/store/apps/details?id=com.awscertdevassociateexampreppro.enoumen
iOs: https://apps.apple.com/ca/app/aws-certified-developer-assoc/id1511211095
PRO version with mock exam ios: https://apps.apple.com/ca/app/aws-certified-dev-ass-dva-c01/id1506519319t
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