Cloudsurance Offers Financial Protection to Cloud Customers

By CIOReview | Wednesday, August 5, 2015
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ANAHEIM, CA: As the security risks in every field are increasing day-by-day, companies and several organizations are doing their best to solve them. Cloudsurance, a corporation backed by a group of cloud computing CEOs, has launched its cloud insurance program, which offers financial protection to cloud consumers whose cloud based assets are dependent on third party cloud provider.

Initially, it was launched to give basic securities to cloud consumers, who use storage devices, such as Dropbox and Box, as these consumers lack SLA or insurance coverage. Now, with few enhancements, the insurance program is delivered for modern cloud consumers. The program can diminish the risk of cloud computing, like data loss, cyber- attack, and downtime by providing basic insurance coverage.

“There are hundreds of millions of individuals and businesses who entrust their data to cloud providers and have virtually no protection in the form of insurance against downtime, data loss or cyber attack. Our ambition is to provide a basic level of protection to cloud consumers where cloud providers have systematically failed to do so,” says Alexander Saca, CEO, Cloudsurance.

The basic components of Cloudsurance involve cyber-attack insurance, where you can get framework to calculate the actual losses incurred from a cyber attack and compensation from the occurrence. Other than that, other important components are Data-loss insurance, developed to financially compensate in the event of a cloud provider losing data, and Downtime insurance, where you get your compensation if your cloud provider ever experiences downtime causing cloud based assets to become unavailable.