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Any industry that manages cloud services or use mobile data services, possess intellectual property or handle personal identifiable information possess serious cyber risks.
Major industry markets in need of Cybersecurity Data Insurance:
• Privacy Security Mandates (financial, government, medical)
• Insurance-Reinsurance (risk brokers, privacy directors)
• Digital Rights (copyright property rights)
• Data Security Services (monitoring-detection technology)
• Data Warehousing (data backup and storage facilities)
Business now depend upon the Internet for every aspect of their operations, including executive information, marketing, sales, IT communications and public relations. As the technology continues to expand, traditional legal principles will be given new applications to determine the rights and obligations of the parties using web technology. We believe that a majority of the Internet related cyber security or data breach claims against businesses will arise in defamation, intellectual property and the right to customer's PII privacy.
The financial industry is the most aware and desire to address high-tech risks. The pressures on the insurance industry following the U.S. terrorist attacks bode extremely well for supplying ART solutions to this lucrative market segment. The above will be leveraged for expansion into other global markets. As feasibilities are endorsed, CloudCover will continue to utilize methods to support active data loss-control standards.
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