09 Jul A Cyber Hurricane
Cyber insurance, which refers to insurance that specifically covers internet-based risks such as identity
theft and other hacking, has been an explosively successful industry in the last decade, and is expected
to continue growing. But with this comes many new risks, and the shift towards more widespread use of
cloud computing could lead to more problems.
A “cyber hurricane” is a costly event which involves the disabling of cloud services, directly targeting the
provider, and can affect thousands of their clients. When a business makes the shift to cloud computing,
it allocates a majority of its operations and data there. So, when the provider is attacked and the
business cannot access their data, there is an enormous loss (both financially and in resources). It can
take the better part of a week to come back online, and the road to complete recovery could take
months. There are then also concerns with the data being stolen, which could include the personal
information of customers and/or employees.
Members of the New Orleans community are no strangers to the damages that hurricanes incur, but this
type of destruction is of a very unfamiliar type and can cause damage nationwide. To make matters
worse, many cyber insurance providers might offer policies that cover cyber risks, but often they are
either insufficient or specifically designed to dodge liability in the event of an actual problem. If you are
considering buying a cyber insurance policy, you should also be aware that as the technology continues
to advance and change, many current policies will prove quickly obsolete.
AWS Insurance is the premier insurance provider for the Gulf Coast region, providing policies and plans
for home or business, and including coverage such as marine, flood, and term life. Call us today or visit
our website for a free quote!
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