As an insurance executive, you know that technology is a crucial part of your business. However, when tech outages occur, they can cause major disruptions and headaches. Here are 10 common tech outages that can affect your insurance business and what you can do to prepare for them.

1. Internet Banking Outages As seen in a recent article from 9News, NAB’s internet banking services were down for several hours. This can be a major issue for insurance companies that rely on online banking to process payments and claims. To prepare for this type of outage, consider having backup systems in place, such as manual payment processing.

2. Power Outages Power outages can cause major disruptions to your business, especially if you rely on electronic devices and systems. Consider investing in backup generators or uninterruptible power supplies (UPS) to keep your systems running during an outage.

3. Cyber Attacks Cyber attacks can be devastating for insurance companies, as they can result in data breaches and loss of sensitive information. To prevent cyber attacks, make sure your systems are up-to-date with the latest security patches and invest in cybersecurity insurance.

4. Server Crashes Server crashes can cause major disruptions to your business, as they can result in loss of data and downtime. To prevent server crashes, make sure your systems are regularly maintained and backed up.

5. Software Glitches Software glitches can cause errors and delays in your business processes. To prevent software glitches, make sure your systems are up-to-date with the latest software patches and invest in quality software.

6. Network Outages Network outages can cause major disruptions to your business, especially if you rely on cloud-based systems. To prepare for network outages, consider having backup systems in place, such as local servers or offline backups.

7. Hardware Failures Hardware failures can cause major disruptions to your business, especially if you rely on specialized equipment. To prevent hardware failures, make sure your equipment is regularly maintained and replaced when necessary.

8. Natural Disasters Natural disasters, such as hurricanes and earthquakes, can cause major disruptions to your business. To prepare for natural disasters, consider having backup systems in place, such as offsite data storage and remote access to your systems.

9. Human Error Human error can cause major disruptions to your business, especially if it results in data loss or system downtime. To prevent human error, make sure your employees are properly trained and have access to quality systems and processes.

10. Third-Party Outages Third-party outages, such as cloud service provider outages, can cause major disruptions to your business. To prepare for third-party outages, consider having backup systems in place, such as local servers or offline backups.

In conclusion, tech outages can be a major issue for insurance companies. By preparing for these common outages, you can minimize the impact on your business and keep your systems running smoothly. If you’re interested in learning more about how parametric insurance can help protect your business from tech outages, contact Riskwolf today. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modelling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast.

Source: 9News