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Should you insure your data?

shouldyouinsure2Unfortunately computer crime exists and it can cause major damage to some organisations. Cyber crime costs UK organisations around £3m a year on average, this is an increase of 42% since the 2012 study sponsored by HP Enterprise Security. Perhaps it may be time that organisations start to think about insuring their data in order to cover themselves from a potential disaster. Especially organisations that hold a large amount of critical customer data.

Specialist insurers now provide cover for the technology sector and within this they will give cover for corrupted and lost data from a cloud solution, including if the cloud host/provider is responsible.  This means that, even if the contract with your cloud provider excludes liability, you may be able to turn to your insurance provider.

Take a hard look at your business, your data and how valuable it is, and what costs you might incur if things go wrong. If absorbing the losses could wipe you out, you’re a good candidate for insurance.

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