Data Insurance is for everyone
CIS provides the ability to offer or embed permanent data loss coverage to all your clients with full reinsurance provided. Increase your retention rate now. Data Insurance is an exciting new coverage that can insure policyholders on a mass scale. CIS provides the underwriting, reinsurance, training and claims service – so there is no need to establish your own department. This timely, high indemnity broad coverage policy protects clients if their data is permanently lost due to employee mischief, human error, malware, viruses, catastrophes and more.
Just click which category fits you best
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.
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.
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.
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.
percent of companies that experience severe data loss do not recover!
percent of small business go out of business within one year from a large data loss
percent of data loss is caused by systems failure and human error
Data Insurance
Permanent data loss is now covered
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. 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, third party losses, ransom encryption attack. 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. Our data insurance approach considers the following;
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.
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 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.