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The growing use of information technology in society and industry has major repercussions for everyday life. Increasingly sophisticated means of collecting and storing data are not only changing our working lives and social contacts, but also establishing new parameters for industry, trade and commerce. Electronic data is becoming one of the most valuable assets a company owns as a result of the rapid advances in IT.
Despite the importance of this data, many companies still report that they permanently lose data. A global survey of 4506 businesses determined that
67% of them had lost important information over the past twelve months (i). Another 2013 survey noted that 43% of respondents had lost data in the cloud and had to recover from backups - and the recovery process had failed at least once for most respondents (ii).
Over the past several years, there has been a lot of attention paid to third party cyber liability policies which indemnify a company for legal obligations related such matters as data breaches, the inability to access computer systems, or inappropriate use of internet media content. Cyber policies, along with property and equipment policies, seldom provide sufficient first party coverage if the data is permanently lost due to an accident - i.e. not retrievable from any storage medium. To address this gap, Lockton has partnered with Data Insurance Licensing Ltd. to offer a new policy that provides broader coverage and easier access to higher limits.
Steps to Mitigate Permanent Data Loss
1. Document what and where data is stored
2. Determine Cost Impact of losing data
3. Note the Risk of Loss by accidental deletion, hardware failures etc
4. Implement Loss Prevention measures such as redundancy and access
5. Purchase Insurance to protect company from financial hardship.
Partner Global Technology & Privacy Practice
+44 (0)20 7933 2857 firstname.lastname@example.org
CEO Data Insurance Licensing Limited
+1 406 505 3591 email@example.com
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