A new insurance product to protect companies participating in cloud computing services

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Insurance TechnologyCloud computing is becoming a major phenomenon in the world of technology. The concept is simple: A collaboration of computing resources, software and other technologies that are offered as a service rather than a product. This brand of service is becoming popular in a number of industries as it allows companies to make use of high-performance technologies without having to rely on their own computers or devices. Essentially, the computer servers that comprise the cloud provide all the power, through which computers at a home or office operate vicariously. As the cloud becomes more widespread, the need to protect the service is becoming more apparent.

MGA CFC Underwriting has launched a new line of insurance products tailored for cloud computing. Despite the progress associated with cloud computing is clear, the service presents a number of new risks to businesses. The insurer is now offering coverage for data breach and cyber attacks on the computing system. Over the years, companies have been purchasing insurance policies against cyber attacks, but most of these policies do not include protections for third-party computing services. MGA CFC aims to fill the gap.

There is a fundamental problem with cloud computing currently. Once information or data is injected into the computers forming the cloud service, there is no contractual agreement to protect it. This leaves the data vulnerable to attacks or unwanted distribution. Companies without insurance coverage could find this problem to be quite expensive in the future.

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Corrected article 1/13/12

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