When working with extensive data to be used in analytics for any industry, the amount of stored information can be disastrous to lose during a malicious attack. Due to how complex this amount of data can be, not only can a great amount of personal and private information be stolen, but much can be lost from meddling damaging the hardware or software. This is why investing in big data insurance can be an important factor when building a program or portfolio to protect your company. While it may seem excessive, most other policies will not cover any loss that was caused by digital factors such as hacking, social engineering and more.
Big Data Protection
A bank is a financial institution that holds a great deal of money. Should a criminal break in and steal some of the money, damage a part of the building or otherwise create problems, then the bank would certainly have insurance to cover for the loss. Much of what was stolen likely belonged to customers or other third-party members, creating difficulties for them as well. Again, insurance would most likely play a part in ensuring this was all taken care of.
The same should be said of companies holding large amounts of data. The inclusion of big data insurance will allow for coverage should a criminal break into the data “bank,” so to say. Cyber insurance, specifically, would be needed, so search for policies that cover digital belongings rather than simply physical ones.