Data insurance policies benefit any organizations or individuals to manage any financial risk in the event of data loss.
Data Insurance policies are made available to data owners through various market channels while adhering to insurance industry regulations particular to each policy sales jurisdiction.
Due to the dual insurance and information technology nature of Data Insurance policies, both technology vendors and insurance broking organisations partner to deliver policies to the insured.
Keeping with this unique model, various market channels relevant to the data insurance products are described below.
Insurance Brokers
Most insurance products are purchased through insurance brokers. Brokers are uniquely positioned to add Data Insurance to a companies portfolio at the time of purchase or renewal. Data Insurance can be sold individually, or bundled with other business related policies to offer complete coverage of potential data loss events.
CIS will refer brokers to insurance companies or syndicates that provide CIS data loss insurance.
Insurance Companies
CIS provides all the necessary policy wordings, sales training, proprietary software, underwriting, Lloyd’s reinsurance and claims adjusting so that insurers can offer high indemnity, broad coverage data loss policies to their clients. The data insurance policy wording can be embedded into property, cyber, equipment and D&O policies
Cloud Service Providers
As more and more companies move their data to the cloud, cloud service providers will need to provide increased security and warranties against data loss. Data Insurance provides an easy to implement solution that can differentiate them and provide assurances to customers about the integrity of their data.
Cloud Service customers are able to access policies specific to various cloud application and data storage services which also mitigates and financial risk faced by the cloud service provider in the unfortunate event of customer data loss.
Managed Service Providers
Information technology Managed Service Providers are often the caretakers of client data. By adding Data Insurance to their product line, their customer can benefit from being able to manage their organisation governance, risk management and IT operations requirements from a single source. The Data Insurance solution will provide a vetted, monitored Data Insurance and protection service.
Government
Consumer data and the protection of company data is becoming a focus of governments around the world. CIS is working with government agencies to develop data security standards, compliance, and regulation to ensure appropriate risk management protocols.
Mobile Networks
BYOD (Bring Your Own Device) is reshaping the traditional, corporate IT landscape. The risk of data on the edge of the network is increasing, and many IT professionals, understandably or concerned about the safety and security of mobile devices. CIS is working with Telcos and data storage providers to meet this growing need.