Insurance providers are changing how they evaluate cloud risk, according to Mantas Co-Founder and CEO, Basil Mimi.
He told Gulf News that underwriters now examine which cloud regions a company relies on, the redundancy built into its systems and how quickly it can fall back to a secondary service.
Dubai-based Mantas is an MGA in the UAE that specialises in cloud downtime insurance. The company uses predictive analytics and parametric insurance solutions to protect businesses from the financial and operational risks of cloud service interruptions. The company aims to make business disruption a more predictable and managed event for companies in the region.
UAE businesses are heavily dependent on cloud platforms for their daily operations and the recent global outages from AWS and Cloudflare severely impacted the operations of many firms across the country. Businesses are startign to view cloud insurance the same way they once saw cyber protection.