On November 30th, Instagram, the popular social media app owned by Meta, suffered a global outage. Users around the world were unable to access their feeds or send messages to others. According to a report by Reuters, Meta has confirmed that the outage was caused by a technical issue. “We resolved the issue as quickly as possible for everyone who was impacted,” a Meta spokesperson told Reuters.

The outage affected users in the US, Canada, UK, and India, with close to 100,000 outage incidents reported in the US alone. The outage lasted for several hours before being resolved. While this may seem like a minor inconvenience to some, it serves as a wake-up call for insurance executives.

In today’s digital age, businesses rely heavily on technology to operate. However, when technology fails, the consequences can be severe. In the case of the Instagram outage, businesses that rely on the platform for marketing and communication were unable to reach their audience. This can result in lost revenue and damage to a company’s reputation.

Unfortunately, events like the Instagram outage are usually not insured. Traditional insurance policies are designed to cover physical damage to property or injuries to people. However, there is a solution that can help businesses protect themselves from technology-related risks: parametric insurance.

Parametric insurance is a type of insurance that pays out when a specific event occurs, such as a power outage or a cyber attack. The payout is based on predefined parameters, such as the duration of the outage or the amount of data lost. This type of insurance is ideal for businesses that rely heavily on technology, as it provides coverage for events that are not typically covered by traditional insurance policies.

At Riskwolf, we specialize in helping businesses build and operate parametric insurance at scale. Our unique real-time data and dynamic risk modeling enable insurers to turn real-time data into insurance. With Riskwolf, insurance executives can protect their businesses from technology-related risks and ensure that they are prepared for any eventuality.

In conclusion, the Instagram outage serves as a reminder that technology-related risks are a real threat to businesses. Insurance executives need to be proactive in protecting their businesses from these risks by investing in parametric insurance. With Riskwolf, insurance executives can rest assured that their businesses are protected from technology-related risks. To learn more about how Riskwolf can help your business, visit our website and get in touch with us today.

Source: Instagram confirms outage was due to ‘technical issue’