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NEW YORK—As more companies turn to cloud computing to manage their data storage needs, Marsh Inc. announced Monday morning the release of an endorsement product designed to shield policyholders from the financial damage cloud system failures can inflict.
Because most cloud provider service agreements do not offer much in the way of indemnification, companies using cloud data management systems often have little chance of recovering financial losses stemming from a service interruption.
Marsh's CloudProtect protects companies from first-party revenue losses and extra expenses in the event that its cloud services provider suffers a cyber attack, slips into insolvency or is otherwise prevented from rendering contracted services, according to the New York-based broker.
The new product, developed in conjunction with “leading cyber risk insurers,” also covers a policyholder's procurement costs for new cloud services contracts, the company's statement said.
“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,” Robert Parisi, network security and privacy practice leader for Marsh, said in the statement. “Marsh's CloudProtect solution helps to mitigate this risk by offering additional protections that are not adequately addressed by traditional insurance policies.”