Cyber Threat And Safe Data Storage Issues In Business
Cyber threat and safe storage of the data are the emerging risks being faced globally today. With the increasing interconnectivity and commercialization the dependency of the businesses on the cyber world is pacing up. The company now uses the cloud storage services for their convenience to store the valuable data of the company as well as of the customers. But there is high risk for such data getting breached due to business interruption (IB), intellectual property threat and cyber-extortion risk.
Businesses are driven by the real time data, any single minute interruptions could cause huge losses. The threat is that the organizations which strive to adopt the cloud computing often fail to understand the resultant risks. So the cloud insurance provides the risk management for such unpredicted losses. As and when the data gets lost, the policyholder is hit with the security event. Thereby he should inform about the breached data through an application to the insurer. The insurer needs to access the real causes of the lost data. It is important to know how the data center and the storage design has been preparing for such hazards.
The actual risk arising out of the lapse of such cloud storage providers is difficult to access in the real time which leads to inefficient underwriting methodology of accessing the risks. We categorize the permanent data loss to be insured. Even if the data is copied somewhere if the original data gets lost the breached party can recover their losses from the insurer. Data are protected with schemes ranging from RAID to geo-replication. This highlights a unique advantage in data risk management: any correct copy of the original data is as good as the original, while the cost of making such a copy is independent of its value. In contrast, many traditional insurance coverage objects, such as human health (properly functioning body components) and properties (valuable personal items, unique antiques, collectible art) are impossible or illegal to replicate. For those indeed replicable, the cost of such replication typically represents the actual value of the insured item. Process in the assessment of risk and claiming of losses: The first of all details of the lost data needs to be provided to the insurer. The underwriter should identify the crucial risk bearing assets and weaknesses such as the blind trust on the third parties. Here the cyber insurance has to play the major role by applying the risk management strategy. But prior to this the company has to decide what type of data can be saved on clouds? How much is the worth of the confidential data? Who is viewing our data, modifying the data and re-distributing the data? Lots of questions arises when the data are stored in the cloud.
Cloud-based security assessment services must ensure the confidentiality of this sensitive data and ensure that only authorized parties can access the data. Data must be secured at all stages: at creation, in storage, in transit in processing, or at deletion. Additionally, because cloud-based security assessment services are typically offered as multi-tenant solutions, SecaaS providers must offer adequate attestation for the isolation of tenant data. The customer of the cloud-based service should retain sole ownership of any data that results from the use of the service, and there should be a mechanism for the customer to request the data for purposes of moving to another cloud-based service or to an enterprise-based service.
Cloud service providers should offer reasonable assurance for the accuracy and coverage of the assessment. Assurance should be well supported with effective and efficient procedures and methodology. The underwriter should ask for complete details of the size of the company, the historical data breach (if any), the type of information stored, etc.
