Data Insurance

Why is data protection so important?


Data has become a key input for driving growth, enabling businesses to differentiate themselves and maintain a competitive edge. Any information that your business stores digitally or transmits needs to be properly protected. From financial information and payment details to contact information for your staff, data privacy an its uses are generally protected by law and these laws are becoming more onerous.

Data Insurance is for everyone


CIS is launching “Data Insurance” - permanent data loss insurance coverage.
Data Insurance is a critical new insurance coverage that can insure policyholders against loss of data. This timely, high indemnity broad coverage policy protects clients if their data is permanently lost or irreparable damaged for any reason. Data insurance will be available via many avenues, including insurance brokers, cloud services providers, SAAS partners, Associations, IT services and cyber security programs.

If you wish to partner with CIS – please contact us.

Insurers, business, brokers and resellers can all benefit from Data Insurance.



Just click which category fits you best

Insurers
Business
Brokers
Resellers
Insurers

CIS will soon provide the ability to offer or embed permanent data loss coverage to all your clients with full reinsurance provided.

Data Insurance is a critical new coverage in the war against cyber crime that can insure policyholders on a mass scale.

 

CIS provides all the requirements to insurers to underwrite on your own paper. We provide reinsurance through global reinsurance partners, technology platforms, online platforms, and claims services to underwriters.

This now critical, high indemnity broad coverage policy protects their clients and data. If their data is permanently lost/damaged/encrypted for any reason.

 

Data Insurance is the primary defence against ransom attack – essentially halting the financial loss/claim of ransom demands.

 

Data Insurance has specific applications in the SaaS/PaaS, cloud, software and business platforms sectors where data aggregation of client data can now be covered against permanent data loss.

 

Click here to contact CIS for further information and to prepare your data

Business

Purchasing a Data Insurance policy is excellent governance by owners and company directors.

The CIS Data Insurance policy allows you to easily insure your digital assets against permanent loss for the business value that you decide – something that is hard to find today. In the event of human error, hardware failure, employee mischief, ransom attack, data centre loss or other events that cause permanent data loss, company directors can be assured that they have the best security backed by financial compensation to protect the company.

 

 

Click here to contact CIS for further information and to prepare your data

Brokers

With the increase in cyber crime and IT complexity, protect your clients with permanent data loss insurance at the value needed to financially protect the company.

By compensating data owners for the true financial impact if data is permanently lost for almost any reason including human error, employee mischief, and cyber crime, the Data Insurance policy addresses one of the very last risks companies are still exposed to today. Successfully operating for several years through our partner channels, CIS’ Data Insurance policy combines advanced global data security protocols, loss prevention procedures and technology services. All you need to do is sell it.

 

 

Click here to contact CIS for further information and to prepare your data

Resellers

Do you provide business consulting, data management or security & advisory services to your clients?

With a Data insurance policy at the core of your services, the financial impact of data loss risk is managed by the policy insurer. This removes your business risk of holding third party data and ensures your client’s data is governed with the most appropriate insurance policy available. CIS can authorise the sale of data and cyber insurance policies to your clients through our online management system or invite you to bundle our insurance offering with your existing products as an introducer.

 

 

Click here to contact CIS for further information and to prepare your data

Data Facts

Permanent data loss is severely destructive

A Data Insurance policy uniquely allows business owners and managers to fully insure their data assets at a pre-approved indemnity value against incidents that can result in a business losing valuable data and other digital assets. With data now being classified as the most important asset of an organisation and with increasing legislation to protect and manage critical data – Data Insurance provides a hands free way to both protect and insure your data. 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.
Our data insurance approach considers the following;

  • Data recovery
  • Data replacement service.
  • Compensation for total data loss.
  • Data valuation.
  • Data management.
  • For more information

Data Loss. Why IT solutions alone are not enough…

Big problem, Timely solution

Data management and cloud services including SAAS providers rarely if ever provide any meaningful compensation for incidents of lost or damaged data. This results in lost data, leading to lost income, severe or catastrophic business disruption or failure, brand failure, legislative penalties, costly time spent to try and rectify the damage. There have been and will continue to be 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.
While most companies use a data backup system, permanent data losses still occur due to human error, employee mischief, sophisticated ransomware, hacker attacks, hardware or software failures. On-line storage companies do not provide any financial protection. To compound the problem, insurance companies today are not able to provide full value, high indemnity coverage for permanent data loss because before CIS there was no insurance accepted data safety storage standard and they do not know what data is insured, the value of the data and how the data is being protected. Without this information, insurers can have a significant aggregation (compounding) liability and it leaves large and small businesses with a major financial exposure if data is destroyed. CIS created a system of procedures, standards, audits, storage solutions and a valued insurance policy to successfully resolve underwriting challenges.

For more information

Data Insurance Solution

So what is it?

Data Insurance provides pre-approved valuations you need, and is secured by indemnity coverage up to several million dollars in the event of a permanent digital asset loss incident and can provide extended coverage on request, and is provided with a global data security management system that protects your data all day everyday – allowing for fast immediate recovery of your lost data to the servers it was being used on (including cloud, SAAS, data centre, operational servers, PC’s, Laptops, mobiles etc. Directors and company owners can now insure their data assets for full value considering all the financial impacts of a significant data loss event and also providing regulatory and governance compliance and peace of mind to Directors now held responsible for data loss by law. We provide a transparent data protection management platform & services that deliver the technology data safety functions companies require to manage data assets and keep them safe and insured. Data Insurance and safety services are provided in parallel with your existing IT services so there is no need to change the way you work. We also provide a perfect fit by also providing cyber insurance with Data Insurance that also then covers hacking, breach, and other cyber generated risks. Visit the Data breach cost calculator here to assess what cost of losing your critical digital assets will have on your business.

Data Breach Cost Calculator

Data Insurance

Features and benefits

Director Compliance

The most comprehensive insurance solution to satisfy company director data compliance requirements and best management of financial risk caused by critical data loss.

Pre Approved Policies

Pre approved high indemnity insurance cover for Data. Available to any business, no audit or special conditions required.

Peace Of Mind Digital Asset Management

Peace of mind that all your data services are managed to governance standards underwritten by global insurers. Your company will be covered in the by the most advanced protection and insurance in the world.

Accredited Data Backup Software

Data Insurance policies are provided with full insurer accredited data management software tools for on-premise computers, data centre servers, mobile devices and cloud applications to provide data security functions to suit your business’s 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 safety, reputation and credibility.

Simple Claims Process

In the event of a data loss incident, our process is simple. No adjusters or audits. You make claim and we return your lost, damaged data and in a very rare case If your insured company data cannot be returned, your stated policy indemnity value is paid by the policy insurer.

For more information

Data Insurance Market Delivery

Data Insurance as a unique new category of insurance has market delivery abilities to an extent unlike any other current insurance products.

Simple and Scalable

Because of its high level of automation and cloud based structure it allows insertion and partner compatibility across many sectors, systems and products that allow very high volumes to be reached.

Digital Integration

Whilst standard insurance delivery through traditional insurance broker methods is still one option, Data Insurance, because its dealing with digital data can be applied to digital products e.g. : ‘Office 365’ ‘Security Software’ etc. , digital services providers (SAAS/PAAS platform providers where threat of loss of data now means class actions from large customer numbers who are dependent on these platforms to run their business), Hardware manufacturers e.g. :- laptop, mobile, PC/Servers on delivery.

Tool for driving compliance

It can be delivered as a ‘compliance product addition EG:- with financial loans to businesses to secure the borrows data as protection to the lender and client.

Value added service for your members

In partnership with affinity/associations EG. Law Societies with their PI policies to all law members, Accounting associations to all accountants, broker organisations including financial licensee programs and to corporate partners such national IT services to provide with their IT services or with cyber security services (including our own Cyber Protection MSSP programs that add it to our CP360 services program that also goes out to association partners.

Built to be Embedded

Data Insurance was originally developed with Lloyds to be the next major ‘insurance embedding” product – where it is embedded into “existing” insurance policies such as ‘property insurance policies’ and now ‘cyber insurance’ policies. (CIS already has agreement to embed data insurance into our Lloyds underwriter’s cyber policies.) The CIS insurance embedding program is based on the highly successful HSB Insurance equipment insurance embedding system which is embedding equipment insurance into millions of property policies through hundreds of insurance companies worldwide.

Total data protection

Because cyber insurance only deals with breach – the insurance and protection of the foundation product (digital data) is not covered and needs to be. IE: there is no solution other than pay up in cyber ransom attack – Data insured clients would be able to immediately have the protected data under their policies returned to them and ignore the ransomware thieves.

For more information