To assist companies in managing the risks associated with cloud computing, Marsh today launched a solution designed to protect companies against first-party losses stemming from a cloud service provider’s failure.
Developed in conjunction with leading cyber risk insurers, Marsh's CloudProtect endorsement is a customized risk transfer solution that covers lost revenue and extra expense resulting from the failure of the insured’s cloud service provider. According to Marsh, CloudProtect also provides reimbursement for costs incurred by an insured in the procurement of services from a new cloud provider, including the transition of its software, information and data.
“Cloud computing enables much more efficient computing by centralizing storage, memory, processing, and bandwidth, but it also can lead to network interruptions and lost income should the cloud go down,” said Robert Parisi, Network Security and Privacy Practice Leader for Marsh. “Marsh’s CloudProtect solution helps to mitigate this risk by offering additional protections that are not adequately addressed by traditional insurance policies.”
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