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Forums it-sa Expo Knowledge Forum C

Risks in the digital supply chain - what happens if cloud & co fail?

Hedging default risks in the digital supply chain using innovative parametric insurance solutions.

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calendar_today Wed, 26.10.2022, 16:00 - 16:15

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Cloud and SaaS providers play a central role in the digital transformation of our economy. Whether online store, ERP system or IoT, new applications and technologies are mostly based on cloud services. The importance of the "digital supply chain" is increasing and thus the dependency on the service providers used is growing. A failure of a service provider can quickly lead to financial damage - starting with loss of sales, additional costs and even agreed contractual penalties. The liability of the providers for the damages incurred is usually very limited. Modern risk management also looks at the digital supply chain and the risks of IT failures. In addition to creating redundancies, risk transformation in the form of insurance is a good way to manage financial risk. However, traditional offerings do not adequately cover digital perils. New providers like Parametrix respond to this development and offer a parametric insurance solution for cloud & co failures based on an innovative monitoring system.

This presentation provides insight into the increasing dependency on cloud and SaaS providers within the digital value chain. It will highlight what risks arise, what should be considered in risk management and how Parametrix IT Downtime Insurance can be a part of risk transfer.

Cyber events are only part of the risks in the digital world. With the digital transformation of our economy, risk and risk protection must be rethought. New technologies are helping to make risks that were previously virtually uninsurable insurable. ... read more