New Marsh product covers cloud computing

Marsh has introduced an insurance product to help companies manage the risks associated with cloud computing.

Called CloudProtect, the endorsement protects against first-party losses stemming from a cloud service provider’s failure.

The customized risk transfer solution was developed “in conjunction with leading cyber risk insurers” to cover lost revenue and extra expense, Marsh noted in a recent release.

CloudProtect also provides reimbursement for costs incurred by an insured in the procurement of services from a new cloud provider, including the transition of its software, information and data, according to the broker.

“Cloud computing enables much more efficient computing by centralizing storage, memory, processing and bandwidth, but it also can lead to network interruptions and lost income should the cloud go down,” said Robert Parisi, network security and privacy practice leader for Marsh.

“Marsh’s CloudProtect solution helps to mitigate this risk by offering additional protections that are not adequately addressed by traditional insurance policies.”