Providing Insurance and Security in Data Storage
Original Publication Date: 2001-Aug-01
Included in the Prior Art Database: 2003-Jun-20
This disclosure proposes business methods for providing insurance and security for online data storage services. Electronic data storage forms one of the cornerstones in e-commerce. Currently, there are companies that charge for external data storage based on the amount of storage, so that vendors can have access to persistent storage managed by specialists. Typically, such storage has high availability with most of them having 99.99% uptime or more. Vendors can specify their requirements to the providers who can then make the storage space available for a negotiated price, such that the data can be backed up and accessed when required. The current framework already allows online providers to sell electronic data storage. However, the security of the said data is important to the vendor storing the information (it might be business critical data) and there has to be some mechanism to accommodate that fact while storing the data. In this disclosure, it is proposed that the storage providers offer different levels of insurance coverage and security classifications for the data being saved. After a thorough risk analysis and evaluation of the data content, the providers may offer the storing entities different levels of insurance coverage based on security classifications. The more securely stored data will involve lower premiums and vice versa. Also, business critical data will have high value and therefore, should have the highest security classification and highest level of insurance coverage. The security classifications can be performed based on user inputs and the implementation mechanisms can utilize private and public key cryptography, encryption etc. Based on the intrinsic value ascribed to the data by the user, insurance coverage can be determined. This should also factor in the degree of data availability, the security of the systems concerned, amount of usage, profile of the users (very reliable people or not) etc. Some of the insurance schemes developed in the off-line world may be applied with modifications in the online environment. Essentially the system is a business method for online commerce in insured and secure data storage using different insurance categories and security classifications for storage.