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Best risk practice is a risk mitigating technique, method, process, activity, incentive, or reward that is more effective delivering risk management than any other technique, risk method or process when applied to liability protection.
Best practices is defined as the most efficient (least amount of effort) and effective (best results) way of accomplishing a task, based on repeatable procedures that have proven themselves over time for large numbers of people. In addition, a "best" practice can evolve to become better as improvements are discovered.
A major driver is the recognition of the need for data insurance is driven by the growing regulatory scrutiny at the federal and state level, along with associated punitive and potential criminal penalties for noncompliance in the EU. Most organizations traditionally invest in security technology (firewalls and encryption) to protect their digital assets from a variety of risk, which until today represented the only, most costly risk management solution available.
Providing that digital commerce can be safer and more reliable, and more trusted environments are possible, CloudCover will influence the online world to employ the next best practice in privacy and security levels, through the risk controls required of CloudCover Data Insurance. CloudCover however, does not address the ramification to a company's shareholder stock value in the event of a failure of the security technology protections.
Regardless of what else is happening within the economy as a whole, clients will demand and require online data insurance solutions to legally protect their personal, sensitive transmitted data.
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