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Data insurance is a great way to safeguard your company from data breaches and any other form of lost data, especially if the data in question is sensitive and valuable. Data insurance (or cyber-insurance) is becoming more prevalent and can be directly related to the increase in the amount of data that we store in the cloud, and the importance we place on the security of this data. It is a very significant component to include in a company’s business continuity or disaster recovery plans. Taking out a monetary insurance policy against the potential financial implications of data loss can soften the blow if tragedy strikes.
But just taking out a cyber-insurance policy is not enough to protect your company against the repercussions of data loss. Data insurance is just one aspect of protecting against a data disaster. There are other factors to take into consideration when protecting data.
When insuring your company against data loss, the types of events that could lead to it are categorised:
Most companies are not aware of the true damage that data loss can inflict. Monetary loss is par for the course during times of business downtime, legal battles, statutory fines, to name a few. It is surprising how quickly inaccessible or missing data can ruin a company.
Aside from the financial implications, the reputation of a company can be damaged, especially if the organisation handles very sensitive customer data. It can lead to long term loss of business, and this can be very difficult to recover from. While data insurance is probably a good idea, it is perhaps best to consider alternatives to better safeguard your data. Cloud-based backups can be an all-encompassing solution that prevents reputational damage, business downtime and permanent loss of data. It is good to be insured, it is better to be prepared.
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