Traditional code escrow strategies need to be adapted for a new world: Novarica
Boston, MA (Aug. 1, 2017) – SaaS- and cloud-based core products are increasingly attractive to insurers for their relative ease of deployment, security, and cost efficiency. However, there are few best practices around escrow and business continuity in the event that a vendor goes out of business. In a new executive brief, Key Issues and Best Practices in SaaS Escrow , research and advisory firm Novarica outlines key considerations and best practices for insurers in escrowing SaaS applications in the event of business interruption.
As SaaS products, and other cloud software models, continue to expand and become the norm, it is important to consider the escrow of hosted applications. Service failure at a cloud or SaaS provider could create a serious business interruption, as the data and source code may not be compatible with another cloud or SaaS platform.
“Although cloud and hosted applications can offer substantial gains in security and efficiency, both insurers and vendors will eventually need to prepare for potential business disruption,” says Chris Eberly, Vice President of Research and Consulting at Novarica. “SaaS escrow is more than a matter of source code escrow, and insurers will need to ready their organizations for the event of service interruption.”
A preview of the brief is available online at https://novarica.com/key-
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its clients include more than 100 property/casualty and life/annuity insurers. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of nearly 400 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at www.novarica.com.