Insurance - - CONTENTS -

In­sur­ing the cloud – A wave of in­no­va­tion Most com­pa­nies will agree that data or in­for­ma­tion is one of their most im­por­tant as­sets. Yet, some might not re­alise that a stan­dard prop­erty pol­icy might not re­spond to a loss at cloud level. Jil­lian Raw de­fines what is cloud com­put­ing, the types of cloud com­put­ing avail­able and also iden­ti­fy­ing where the in­surance mar­ket in de­vel­oped coun­tries are al­ready recog­nis­ing changes in the cloud com­put­ing mar­ket to form spe­cific cloud provider poli­cies and cus­tomised prod­ucts.

Ac­cord­ing to The Econ­o­mist, "the cloud will trans­form the in­for­ma­tion tech­nol­ogy in­dus­try, pro­foundly change the way peo­ple work and com­pa­nies op­er­ate.” Mi­crosoft refers to "a wave of in­no­va­tion" that has been pow­ered by the cloud. But first, what is cloud com­put­ing? Cloud com­put­ing is a spe­cial form of out­sourc­ing, in which parts of the IT en­vi­ron­ment are rented as a ser­vice, in­stead of be­ing op­er­ated by the com­pany it­self. Cloud com­put­ing is a buz­zword. "The con­cept, quite sim­ply, is that vast com­put­ing re­sources will re­side some­where up there in the ether (rather than in your com­puter room) and you will con­nect to them and use them as needed.” ( The Times on­line). Cloud com­put­ing, at the broad­est level, there­fore, is the pro­vi­sion of com­put­ing as a ser­vice over a net­work, typ­i­cally over the In­ter­net. The term "cloud" refers to the In­ter­net be­cause of the prac­tice of draw­ing a cloud shape to de­pict the In­ter­net in com­puter net­work di­a­grams. Net­works were cum­ber­some to draw, so en­gi­neers rep­re­sented them as clouds and, in time, the cloud shape was adopted as a sym­bol for all net­works, in­clud­ing the In­ter­net.

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