Understanding the new risks facing many mid-market companies today,
Zurich North America has introduced new property coverage for risks associated with cloud computing infrastructure.
Not only will this Property Portfolio Protection (P3) addition cover cyber threats such as hacking and data leakage, but also physical damage suffered by data centers and cloud servers. It also provides for loss of business revenue caused by interruptions in cloud operations.
Although the cloud is more physically resilient than traditional methods of data storage, websites and business processes can still be rendered inoperable by such natural disasters as hurricanes, earthquakes, and floods.
“A growing number of companies serve their customers through cloud-based platforms,” said Jim Charron, technology practice leader for Zurich North America.
“It’s important to not only have insurance protection against cyber-attacks like hacking and data breaches, but also be safeguarded against income loss from a business interruption caused by property damage at the cloud facility. A business using cloud computing is more fully protected when it addresses both possibilities.”
According to Forbes, the majority of U.S. enterprises now use at least one cloud computing provider in their IT operations.
The new coverage arrives after a yearlong study between Zurich and the Atlantic Council examining the threats and insecurities that result from an increasingly global, cyber economy.
