Some feedback from Parametrix on the Microsoft outage earlier this week;
Parametrix, the leading provider of cloud downtime insurance, monitored an outage of Microsoft Azure, the world’s second-ranked cloud
service provider. One of the ‘Big Three’, which includes Amazon Web Services and Google Cloud Platform (GCP), Azure boasts a reported 22% global market share. Thousands of businesses and tens of thousands of users were affected by the outage event, for which most companies impacted will be enrely uninsured.
MS Azure experienced an outage event that affected Azure resources in mulple regions. The incident lasted for two hours and 24 minutes, according to the proprietary Parametrix Cloud Monitoring System™, which idenfied the event immediately. PCMS triggers coverage provided by Parametrix, the New York-headquartered insurance provider and Lloyd’s coverholder. Parametrix will issue claim payments to eligible insureds within weeks, not months, of their confirmation of loss. Previous claims have been paid by Parametrix within five working days.
“We’re commied to supporng Parametrix policyholders who have been affected by thisincident. We will swiftly help them mitigate any financial loss caused by the outage, according to the high standards we have set for service excellence,” said Yonatan Hatzor, co-founder and CEO
of Parametrix. “That’s what we’re here for.” Concerns about cloud downtime risk exposure are increasing, as businesses world-wide become
increasingly dependent on cloud computing. Parametrix will issue its first annual Cloud Outage Report in the coming weeks.
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