#CyberFLASH: One in five risk managers surveyed not sure whether their cyber insurance policy covers data in cloud servers

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Four in five risk managers surveyed said their company has a stand-alone cyber insurance policy, though only three in four reported their policy covers network/business interruption, Risk and Insurance Management Society Inc. said in the 2016 RIMS Cyber Survey, released Monday.

There were 272 respondents to the survey, which was distributed to RIMS members via an Internet link, and was “in field between August 8 and September 9, 2016.”

When asked whether their company has a “stand-alone cyber insurance policy,” 80% of respondents said yes, 19.5% said no and 0.5% said they were not sure.

Respondents were asked whether their organization’s cyber insurance extends to data stored in cloud servers. More than two-thirds (69%) said yes, 9% said no and 22% said they were not sure.

RIMS also asked members which losses were included in their cyber insurance policies. More than nine in 10 (91%) said breach notification costs. About one in four (27%) said theft of trade secrets; 80% said data recovery; 50% said professional liability; 76% said network/business interruption; 78% cyber extortion and 63% said fines and penalties.

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#CyberFLASH: Amazon will open first cloud data storage centres in Canada

amazonAmazon.com Inc. will open its first cluster of data centres in Canada this year, helping to meet demand from companies that don’t want their data stored in the U.S. where it can be monitored by security officials.

The data centres power Amazon Web Services, which rents storage and computing power to other companies. Canada’s Internet storage sector is growing and companies such as Telus Corp. and Rogers Communications Inc. have made greater privacy under Canadian laws a key selling point in attracting business after revelations two years ago that the U.S. National Security Agency had spied on data networks run by American companies.

Beyond privacy concerns, the new data centres will also speed processing times for Amazon clients connecting with customers in Canada. The proximity of data centres to customers helps reduce response time for those running Internet-based cloud applications.

The new data centres will be in Montreal and powered almost entirely by hydroelectric generation, Amazon announced Wednesday.

Amazon has four data regions in the U.S. and a fifth coming in Ohio. Globally, Amazon has data centres in countries such as Brazil, Ireland, Japan, Australia and plans to open new centres in South Korea this year.

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