Lockton has partnered with Data Insurance Licensing to provide a new broad coverage, high indemnity policy that will indemnify organisations if their data is permanently lost.
Developed by Data Insurance and backed by Lloyd’s, Lockton is introducing this data loss insurance policy to the north American market on 1st June. The also allows the insured to assign a value to the data that they choose to insure.
Hans Schols, CEO of Data Insurance Licensing said; “By combining insurance risk management practices, data storage methodologies and auditing procedures, we have created a methodology and policy that finally allows data owners to fully insure their electronic data against permanent loss to the same degree that they insure their other valuable assets”.
Ben Beeson, partner at Lockton added: “Data storage companies and cloud providers have great appeal to businesses in terms of cost savings, but few if any assume any financial risk if the data is lost. This new and ground breaking insurance solution is a great complement to cyber and property policies and fills an important coverage gap for our clients”.
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