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Prevent the loss of business data with SaaS Escrow Insurance. Make sure your business always keeps going!

By: Angelique Toorians, 9 August 2023

There are always risks in doing business. If your business data is held in a SaaS (Private) Cloud Platform, it is even more important that you will always be able to access your data, even if your Software Supplier goes bankrupt or can no longer provide the agreed services, or if, for example, you want to switch to another supplier, or take the software in-house.

Our advice is: arrange insurance with a reliable IT Escrow Insurance agent.

What is Saas Escrow?

Saas Escrow is an insurance policy that you enter into with a third party. The Saas Escrow insurer generally stores the source code, programme and data of your cloud software safely in a ‘secure vault’. With SaaS Escrow, the continuity of the SaaS service is the main focus. It basically ensures the availability of the SaaS service. The software, hosting and access to the data are insured. There are several levels to choose from.

What are the risks if you do not take Escrow Insurance?

  1. Dependency on the SaaS provider  Without a SaaS Escrow arrangement, you are hugely dependent on the uninterrupted performance and availability of the Software provider. If the Saas provider runs into financial difficulties, or experiences technical problems, or decides to discontinue its services, you will likely face disruptions or even the loss of access to your own data in the Cloud.
  2. Continuity Risks – In case of unexpected events, such as bankruptcy, payment problems or operational problems on the part of the SaaS provider, or as mentioned above, if the provider discontinues its services, then chances are that your company will no longer be able to access your data. There is a high probability of data loss and you will most likely face operational problems. This adversely affects both your business operations, customer service and revenue.
  3. Restricted flexibility and control – If you don’t have access to the source code, the ability to customise the Software to your specific business needs vanishes. Flexibility and adaptability are essential for organisations with unique workflows or specific requirements. SaaS Escrow ensures that you retain access to the source code and business data, allowing you to continue business operations without any problems, even if the SaaS provider stops providing services.
  4. Data protection and privacy – In some sectors, there may be regulations or demands where specific obligations around ensuring data security and privacy exist. In these cases, you will need to have and maintain access to source code at all times. Without SaaS Escrow, it can be difficult to maintain compliance with such requirements.
  5. Transitional challenges – If you decide to switch to another SaaS provider, or for example want to take the software in-house, the lack of an Escrow arrangement can make this transition more complicated and expensive. You may even have to start from scratch; setting up a new software solution and transferring data without having the source code and documentation will be difficult and time-consuming. This is simply a waste of your investment.

Spire IT Escrow Insurance

The IT Escrow Insurance from Spire IT Escrow Insurance Services Foundation (SSIES) is a guarantee scheme for suppliers and users of Spire Private Cloud Software. SSIES safeguards the source code, programme and data of your Cloud Software.

Spire IT Escrow Insurance Services Foundation is specialised in offering individual SaaS Escrow arrangements tailored to your company’s needs. All business-critical data and software are protected, even in case of calamities with us as the Saas provider.

If you would like to know more about the Spire IT Escrow Insurance Services Foundation (SSIES) or Spiresolutions, please contact us without obligation or read more on our websites.

Spire IT Escrow
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