Preparing For The Next AWS Outage: The Role Of Insurance
On Tuesday, Amazon Web Services (AWS) experienced an outage that affected publishers and other businesses who rely on the cloud service. The outage was caused by a function called AWS Lambda, which allows customers to run code for different types of applications. As a result of the outage, businesses were suddenly unable to operate their sites, causing major disruptions during a critical time. Former President Donald Trump was appearing in court in Miami, and many news sites were unable to cover the event due to the outage.
According to Amazon, the outage was caused by error rates for multiple AWS services in an availability zone based in Northern Virginia. While the company did not provide additional details about the outage, it serves as a reminder that businesses need to be prepared for the unexpected.
You know that disasters can strike at any moment. From natural disasters to cyber attacks, businesses need to be prepared for the unexpected. One type of disaster that has become increasingly common in recent years is cloud computing outages. These outages can cause major disruptions to businesses that rely on cloud services to operate. In this post, we’ll explore a recent example of a cloud computing outage and provide tips on how insurance can help protect your business.
So, what can businesses do to protect themselves from cloud computing outages? One option is to invest in parametric insurance. Parametric insurance is a type of insurance that pays out when a specific event occurs, such as a hurricane or earthquake. Unlike traditional insurance, which requires businesses to prove that they suffered a loss, parametric insurance pays out automatically when a pre-defined trigger occurs.
For businesses that rely on cloud computing services, parametric insurance can be a valuable tool. By defining specific triggers, such as a cloud computing outage that lasts for a certain amount of time, businesses can protect themselves from the financial losses that can result from these events. With Riskwolf, businesses can turn real-time data into insurance, using unique real-time data and dynamic risk modeling to build and operate parametric insurance at scale.
In conclusion, cloud computing outages can cause major disruptions to businesses that rely on these services. By investing in parametric insurance, businesses can protect themselves from the financial losses that can result from these events. With Riskwolf, businesses can turn real-time data into insurance and be prepared for the unexpected. Don’t wait until disaster strikes – get in touch with Riskwolf today to learn more about how we can help protect your business.