NOT ALL CLOUD DOWNTIME LOSSES COVERED BY CYBER ERRORS AND OMISSIONS INSURANCE

Source: Insurance Times - September 2022

“The limited coverage is characterised by low coverage limits, long waiting periods, narrow coverage triggers, significant deductibles and long claims processes.

There is a misconception that the scope of cyber errors and omissions (E&O) insurance covers all cloud downtime losses, according to the results of the latest survey from Parametrix, published last week (8 September 2022).

The technology downtime insurance provider’s survey was carried out in July 2022 and surveyed 324 corporate decision makers’ views on the finance, banking, healthcare, software, retail, e-commerce, entertainment, gaming and streaming industry’s views on cloud reliance, downtime concerns and related insurance coverage.”

Read the full Insurance Times article here.