Transurety says patents provide for Internet insurance
Individuals and businesses sending confidential information over the Internet may soon be able to buy insurance and be compensated paid if the data is lost or stolen, according to a company that has been issued four patents on making that insurance work.
Transurety, a Minnesota patent-holding company that acquired the original company behind the technology, plans to license it to companies in the insurance industry that can then offer policies to banks, health-care companies, law firms and other enterprises.
“There’s no technology that’s 100 percent secure, so why not insure the residual risk-” said Allen Stern, CEO of Amax Consulting, which is handling the operational aspects of Transurety’s business. The insurance could come in two forms, Stern said. In one case, an individual might buy a policy as an add-on before sending a sensitive e-mail message via a Web e-mail service. The company’s technology may also help security software vendors offer expanded warranties that cover losses that occur if their products don’t work, Stern said.
Transurety is grouping the set of technologies under the brand name Insuriti and claims its patents are the first to address Internet transmission insurance
