The Parametrix Team

3 tips for risk managers to protect against cloud outages

Three ways Risk Managers can protect their companies from cloud outages

On May 6, 2022, services housed on Google Cloud Platform’s us-central-1 faltered. Customers relying on impacted services experienced high latency and errors in multiple services. The outage didn’t gain national headlines like AWS’s December crashes or Fastly’s June CDN outage. But for anyone assessing risk, the takeaway is clear: you never know timing or the …

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Parametrix and IMA Partner to Expand Distribution of Cloud Downtime Insurance

Parametrix Insurance (Parametrix), the provider of parametric cloud downtime insurance, and IMA Financial Group (IMA), a North American insurance brokerage firm specializing in risk management, insurance, wholesale brokerage and wealth management, today announced they have entered into a partnership to help more companies protect themselves and their customers against losses from cloud downtime.  As a …

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Protocol publishes feature on Parametrix

Protocol wrote a piece about the volatility of cloud services and how insurance can cover financial losses from outages that knock businesses offline. “The 3-year-old startup offers cloud downtime insurance to compensate policyholders for their financial losses — or their customers’ losses — when their cloud provider has a service disruption. On average, one of …

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Building Trust to Drive Growth: Our New Report on Crypto Downtime

The crypto market cap crossed the $2T mark again in March 2022. Despite hyper growth, there is still an inherent, perceived risk holding crypto back from reaching its full mainstream potential – trust. In April of 2022, we surveyed 522 people, both crypto users and non-users alike to understand how trust was impacting the use …

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2021 biggest tech outages

Did you feel that? The most notable tech outages of 2021

Dependence on the public cloud and other 3rd party tech services continued to grow in 2021, with Gartner projecting that global spending on cloud services will surpass $482 billion in 2022, up 54% from 2020. But businesses that rely on 3rd party tech for mission-critical activities need to understand and mitigate any risks – particularly …

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Crypto Insurance

Downtime Insurance: boosting resilience and trust in the crypto ecosystem

As a digitally native industry that is focused on trust and real-time transactions, Crypto businesses and their customers, are extremely sensitive to the perils of IT downtime. Last year, Robinhood was fined $57 million and ordered to pay nearly $13 million more in restitution to thousands of clients – over IT outages. Binance is facing …

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Better-fitting, comprehensive coverage for cloud outages (that isn’t cyber insurance)

One of the fastest growing risks for businesses is 3rd party IT downtime. Businesses are outsourcing a wide range of services, to drive efficiency and reduce operational costs. But at the same time, they are depending on external players to provide mission critical services. A prime example is the rapid growth of cloud spend. Companies …

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Our new eBook: how much will an hour of cloud downtime cost your business?

The cost of IT downtime is an elusive figure. Cloud outages hurt everyone, but costs are difficult to measure and vary greatly by industry or business size. For online retailers, measuring lost revenue when their website crashes is pretty straightforward. But there’s also the impact on brand reputation, churn and customer lifetime value. SaaS providers …

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Parametrix Appoints Rick Wong as Head of Insurance

Parametrix, the provider of cloud downtime insurance, today announced it appointed Hiscox veteran Rick Wong as head of insurance. Wong will lead the Parametrix team focusing on broker relations and the development of the broker channel, a critical channel accounting for more than 70% of commercial insurance sold in the United States. An insurance industry …

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