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SaaS Escrow gives legal assurance of data access at all times

New SaaS escrow product saves on backup costs as well as gives legal assurance for data access at all times – even if the worst doesn’t happen

IT escrow specialist UK-based LE&AS, has launched AccessAssure to protect companies from the loss of access to data and services if their SaaS and cloud service hosting or software providers go into administration.

The service monitors financial performance of a provider as well as offering legal protection against administration. Constant monitoring allows companies to save thousands by removing the need for additional, now unnecessary data backups where there is no risk to disruption.

Jim Mills, commercial director, LE&AS said: “No-one imagined it could ever happen. However, last year 2E2 slipped into administration which had a catastrophic effect on large and small organisations. For some companies it was life-changing. Organisations had problems accessing their data or had to pay sky-rocketing hosting charges of £4,000 to £40,000 a week just to maintain access to their own data.”

LE&AS said its monitoring service highlighted 2E2’s problems back in July 2012 and if 2E2 had have been under AccessAssure , customers could have avoided high costs of maintaining access to data, and could have mitigated the risks presented by the company’s administration.

How it works

Customers of hosting providers and SaaS software businesses, can take out escrow cover for as little as £80 per month.

In return LE&AS gives legal assurance that your data and any hosted software will remain accessible even if a company goes into administration.

The belt and braces approach to escrow though is backed by a monitoring service managed by LE&AS which raises a flag to customers if a provider becomes financially vulnerable. This allows companies enough time to take steps to back up data and legally forces the provider to do the same.

Companies can start to plan cloud risks into a manageable strategy whilst keeping a lid on unexpected legal, backup/storage and risk mitigation plans.

Some of the damage that could be inflicted by failure to have SaaS Escrow in place How the new SaaS Escrow service could help organisations
  • Reputation damage- and destroys stock prices and future value of the business
  • High cost of accessing data in the short term
  • Loss of new business, customers and damage to long term customer value
  • High cost of rectifying the problems
  • Increase in complaints handling
  • Customers are denied access to data and they’re coming after you for damages
  • Directors, staff and their families threatened with non-payment of salaries
  • Legal costs mount fast
  • Overpowers internal resources
  • Damages future funding and new investment
  • Advanced warning of high risks
  • Reduce back-up costs by up to 90%
  • Gives customers reassurance, protection and a cast-iron guarantee
  • Low cost
  • Simple to organise, easy to manage
  • Active continuous monitoring provides built-in risk management and disaster escalation
  • Grow sales by offering extra protection for customers
  • Minimises legal costs
  • Gives you a competitive advantage
  • Protects  customers’ access to  business data

Contact us to discuss SaaS Escrow

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