Insurance for a Connected World
Why Insure Your Data?
There are many reasons why data can be lost. Even with the latest cloud backups, user error and misconfiguration can cause problems. Gartner reported recently that with older tape backup systems the successful recovery rates can be as low as 35%.
Let’s compare data loss with loss from fire damage. We minimise the fire risks by designing the buildings to be safer, installing sprinklers, providing fire extinguishers and training staff. However, a small, but measurable ‘residual risk’ will always remain – that’s why we buy fire insurance.
The same principles apply to data insurance – minimise the risks and then insure the remaining residual risk.
How it works
The financial cost of cyber-crime is increasing and the insurance industry has responded with a variety of ways to protect your business and insure against loss.
Data Insurance is a straightforward and cost-effective way to insure against the loss of your data and is underwritten by one of Europe’s leading commercial insurance companies.
The costs of premiums for Data Insurance may be significantly lower than you expect! This is because of two significant factors: the value of the insured data can be agreed in advance and the IDE means the residual risk can be assessed to be as low as reasonably possible (ALARP).
Thomas Stanford will help you to identify your critical data and back it up to an approved IDE. The specialist Data Insurance broker Metro Insurance is qualifies to offer advice and help you with formal process.
Identify your Critical Data Assets
e.g. intellectual property, customer data, financial info etc.
Assess The Risks
Our risk assessment partners help with this.
Establish an Agreed Value
Agree a value with the insurer via the specialist broker.
Backup to an Insured Location
Backup to our approved ‘Insured Data Environment’ (IDE).
Agree the Policy
Subject to agreement and compliance via the broker.
Risk Assessment Specialists
Our risk assessment partners, CRA, can accurately determine the residual risk for your critical data and, with you, determine an agreed insurance value. An affordable premium can then be provided by the insurance company via their broker.
You insure your business premises against loss through fire, so why wouldn’t you insure your critical data?
We enable the Insurance industry to provide high indemnity Data Insurance cover at a low annual premium as a certified service provider approved to control the residual risk of losing your critical data assets whatever the cause. We do this through collaboration with the Insurers; Insurance Brokers and Loss Adjusters, while we manage the risk of data loss by protecting the critical data through our certified Data Protection for Data Insurance managed services.
The net result is, if you are unfortunate enough to lose your critical data for any reason, providing it is insured and protected through this policy the claims process will trigger recovery through our Data Protection Services and should we fail to return all or part of the data it will result in a payment proportionate to the indemnity value of the lost data. Why don’t you ask your current backup, replication, archive or disaster recovery provider if they can do that for you?
Want a Data Insurance quick quote from
Metro Corporate & Personal Risks Ltd?…