Oceanwide, Inc.announced the launch of its Cloud Provider Assessment Model (CPAM) Thursday, noting that the tool was designed for the insurance industry to give information technology (IT) and information security (InfoSec) groups a method of comparing cloud technology providers.

CPAM allows the IT professional to compare multiple solutions of cloud provides side-by-side in order to assess risk. To do this, Oceanwide’s CPAM, which is available via a free download from the Oceanwide website, relies on a series of multiple-choice questions.

“While it’s not a substitute for full due diligence, it is a very simple, easy, and quick way for insurers to assess the risk of cloud providers they may be considering for a solution,” said Mark Orosz, CISSP, CIO/CSO for Oceanwide, and leader of the Oceanwide team responsible for designing and building the CPAM. “We wanted to ensure that the industry as a whole doesn’t stumble in its adoption of cloud applications,” he said in a statement.

Oceanwide’s CPAM organizes questions into a set of standard security domains weighted to the specific needs of the insurance industry, including regulatory compliance, risk management, information security, and more. To design the security domains and questions, Orosz and the Oceanwide team relied on internal experience delivering SaaS solutions for insurance for nearly 20 years, and information gathered from over 100 requests for information (RFIs) and industry standards, such as PCI and ISO 27000 Series.

About Oceanwide

Founded in 1996, Oceanwide has been delivering SaaS insurance software for 17 years. Bridge, the latest offering from Oceanwide, offers a new approach to insurance policy administration systems, helping insurers, MGAs and brokers to take creative new ideas to market in weeks without custom programming.

Source: Oceanwide, Inc.