GitHub, the popular code repository and developer platform, recently experienced a major outage that affected its website and many of its services. The incident caused widespread disruption and frustration for users, with more than 10,000 reports of problems on Downdetector. While the issue has now been resolved, it serves as a reminder of the importance of risk management and contingency planning for insurance executives.

Here are some key takeaways from the GitHub outage:

1. Don’t take your infrastructure for granted. GitHub’s outage was caused by changes to its database infrastructure, highlighting the importance of thoroughly testing any changes before implementing them. Insurance executives should ensure that their own infrastructure is regularly reviewed and updated to minimize the risk of similar incidents.

2. Have a plan in place for dealing with outages. GitHub’s response to the outage was swift and effective, with regular updates provided to users. Insurance executives should have a clear plan in place for dealing with outages, including communication protocols and contingency measures.

3. Consider parametric insurance. While traditional insurance policies may not cover losses caused by outages or other technology-related incidents, parametric insurance can provide coverage based on predefined triggers such as downtime or service disruptions. Riskwolf offers a unique solution that enables insurers to build and operate parametric insurance at scale, using real-time data and dynamic risk modeling.

4. Learn from past incidents. GitHub has already announced that it will be conducting a thorough review of the outage to identify any areas for improvement. Insurance executives should also take the time to review past incidents and identify any lessons that can be learned to improve their own risk management strategies.

In conclusion, the GitHub outage serves as a timely reminder of the importance of risk management and contingency planning for insurance executives. By taking a proactive approach to risk management and considering innovative solutions such as parametric insurance, insurers can minimize the impact of incidents such as outages and ensure that they are fully prepared to deal with any future challenges.

Read the original article here. And get in touch with Riskwolf to develop parametric insurance for your business. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modeling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.