Digital Asset insurance policies
A Digital Asset insurance policy uniquely allows business owners and managers to fully insure their digital assets at a pre-approved indemnity value against incidents that can result in a business losing valuable data and other digital assets.
A study conducted by Symantec in 2012 concluded that the average real value of business data assets was 49% of total business valuation but existing cyber policies offer only a very low indemnity cover against permanent loss of this critical business asset.
“Even companies whose business models are built on collecting and selling data — Facebook, Google, Nielsen, for example — don’t have a line item for their information assets.
Yet more than 80% of business executives surveyed by Gartner believe data is on the balance sheet, tucked under other intangible assets.”
DOUG LANEY GARTNER RESEARCH VICE PRESIDENT FOR GARTNER INC.
There has been a surge in the availability of cyber liability insurance policies in recent years to protect businesses from the impacts of network security failure and breach incidents.
So what’s missing?
Data loss clauses in existing cyber policies are usually low indemnity value and only cover against general perils such as fire or floods that are generally not the ones that cause the most loss. What’s often missing from these policies is the common incidents such as accidental deletion, malicious acts, hacking or viruses. This often results in any claim payment value being much less than what the lost digital asset is really worth to the insured business.
In many countries, new legislation makes directors responsible for the security of their company data with fines for negligence and mismanagement. Most directors know these responsibilities but lack full transparency of their company cyber risks to be assured they are indemnified of the data loss risks their company may face.
Why IT solutions alone are not enough…
Data management service providers usually do not provide any meaningful compensation for incidents resulting in lost time and data or provide additional services in the event of an outage or permanent loss of your digital assets.
There have been catastrophic data loss incidents at major IT service companies including SaaS application data loss, backup data loss and web hosted and email data loss.
This ‘all care and no responsibility’ approach by service providers is the norm but it leaves companies and their directors exposed to significant legal and operational risk.
Our innovative Solution
Cyber Indemnity Solutions’ patented Digital Asset protection insurance policy provides pre-approved indemnity coverage up to several million dollars in the event of a permanent digital asset loss incident and can provide extended coverage on request.
Digital Asset protection insurance policies come with underwriter approved and fully managed enterprise class data backup and storage solutions to manage critical company digital assets located on premise, in a datacentre, in the cloud and on mobile devices.
Directors and company owners can now insure their digital assets for full value considering all financial impacts of a significant asset permanent loss event providing regulatory and governance compliance and peace of mind.
Cyber Indemnity Solutions provide transparent data backup management services through our service partners and online management systems that deliver the technology functions companies require to manage digital assets and disaster recovery requirements.
Digital Asset protection insurance can be used in parallel with your existing IT services so there is no need to change the way you work and Digital Asset Insurance also partners well with cyber risk policies that cover hack, breach and other IT risks.
Visit the Data breach cost calculator here to assess what cost of losing your critical digital assets will have on your business.
Features and Benefits
Ideal insurance solution to satisfy company director data compliance and best management of financial risk of a critical digital asset loss event.
Pre Approved Policies
Pre approved high indemnity insurance cover for digital asset loss risk. Available to any business, no audit or special conditions required.
Peace Of Mind Digital Asset Management
Peace of mind that your digital assets backup services are managed to governance standards underwritten by global insurers. Your company has selected the right solution.
Accredited Data Backup Software
Digital Asset protection insurance policies include insurer accredited data management software tools for on-premise computers, datacentre servers and cloud applications to provide data backup functions to suit your business operational and infrastructure requirements.
Business Partner Confidence
Provides business partner confidence. Your suppliers and customers are assured of your best practice data management to enhance company reputation and credibility.
Simple Claims Process
In the event of a permanent digital asset loss incident, our process is simple. No adjusters or audits. If your insured company data cannot be returned, your stated policy indemnity value is paid by the policy insurer.
Contact us to Get Started
If you’d like to better manage your company digital asset protection, get in touch with us and we’ll provide a broker to discuss your needs.
Insurers and Brokers
Digital Asset protection insurance uniquely manages both technology and financial digital asset risks to provide peace of mind for you and your customers. Contact us to discuss how we can bundle or embed our policy structure into your existing cyber and property policy products. We can provide management systems to fit your needs.
Digital Asset protection insurance provides peace of mind for you and your customers. Contact us to discuss how you can use Digital Asset insurance policies to add insured digital asset management to your products and service offers.