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And now we are getting insurance for it! Security breaches here we come.
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...before adopting a system that had such risks as to require a special insurance policy on top of my existing business insurance. My company has a cloud-based project but we're relying on our own risk assessment and risk mitigation measures, together with the measures taken by the cloud provider.

Seems to me this is analogous to when you take out travel insurance but certain high-risk sports are excluded. Sure, you can buy special insurance for those activities but is that really a good way to run a business?

It's certainly good news for insurance companies happy
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