Parametrix Introduces Downtime Insurance for Content Delivery Networks

Global enterprises are highly dependent on third-party content delivery networks, exposing them to CDN downtime risks that they must mitigate with a plan that provides the cash flow necessary for business continuity

Setting, the technology downtime insurance provider, today announced the launch of Parametrix CDN Downtime Insurance. This first-of-its-kind insurance coverage protects businesses against the financial fallout of third-party Content Delivery Network (CDN) outages, securing cash flow to repair any damage after the primary sales and communication channel is down from a company.

Parametrix CDN Downtime Insurance is especially important for digital native businesses with online presence, content and transactions such as e-commerce, travel, e-mobility, media, healthcare and fintech companies. For e-retailers, websites are essential sales channels and CDN downtime renders this channel unnecessary. For fintech companies, their website is their platform for real-time transactions, so when a CDN goes down, their users cannot transact. Either way, downtime also tarnishes brand reputation and can lead to loss of customer trust.

“Global enterprises are highly dependent on third-party content delivery networks, exposing them to CDN downtime risks that they need to mitigate with a plan that provides the cash flow necessary for business continuity,” said Yonatan Hatzor. , co-founder and CEO of Parametrix. “This product and all Parametrix products demonstrate our ability to monitor global system performance and availability, model and quantify risk, and translate our insights into coverage with the confidence and support of leading insurers and reinsurers.”

Recent examples of CDN outages include Cloudflare on June 21, 2022 which caused websites such as Discord, DoorDash and League of Legends to go down; Akamai on July 22, 2021, which interrupted traffic to websites such as Airbnb, Amazon, Delta Air Lines and FedEx; and Hurry on June 8, 2021which shut down sites like Amazon, Hulu and the New York Times.

Parametrix CDN Downtime Insurance is the first of its kind and the only coverage against this specific risk factor. While there are cyber, errors and omissions and other policies that cover business interruption, they come with long waiting periods, large deductibles, and an arduous claims process. Parametric CDN Downtime Insurance offers parametric coverage, which means payments are pre-assessed. When the policy is triggered, payouts are quick, waiting periods are short, there are no cash deductibles and no long and cumbersome claims process.

For more information on Parametrix CDN Downtime Insurance, please visit https://parametrixinsurance.com/cdn.

About Parametric

Parametric is the provider of parametric cloud downtime insurance. The policies cover companies’ financial losses in the event of cloud, CDN or e-commerce platform failures. The Parametrix platform automates risk assessment, provides instant quotes, and makes payments within days. We are backed by select Lloyd’s of London underwriters and one of the world’s top three reinsurers. For more information, please visit http://www.parametrixinsurance.com.

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