Cloud downtime isn’t just a technical headache. Basil Mimi (LinkedIn), CEO of Mantas, frames cloud outages as business interruption events that can trigger real financial losses across revenue, operations, and reputational risk.

Mimi sought to manage these risks by quantifying and insuring against them using parametric models and real-time monitoring. Enter Mantas, an insurance technology company building the data and monitoring infrastructure that enables insurers to offer coverage tied to downtime at public cloud providers.

We spoke to Mimi for this week’s My Morning Routine to unpack the growing cloud risk landscape, how parametric cover works in practice, and how he structures his days as a founder building in insurtech. Edited excerpts from our conversation:

EnterpriseAM: Assume this is our first sit-down and I know nothing about your company. How would you introduce Mantas?

Basil Mimi: Mantas is an insurance technology startup that develops and deploys parametric insurance programs that protect businesses against financial losses arising from cloud and data-center outages.

We’ve built two solutions — Skyscope and Skyfeed. Skyscope works as a calculation agent and monitors the infrastructure of the insured. Skyfeed is a global intelligence layer providing region-level and provider-level outage visibility across cloud regions and data centers.

EnterpriseAM: You’ve said cloud downtime isn’t just a technical glitch, but a financial event. When did that distinction really click for you?

BM: I worked mostly in software development and fintech solutions. We always had issues when it came to third-party services. A couple of years back, I was trying to order food through a major delivery app when it suffered a big outage. It was all over the media, and they lost a lot of money.

I figured, if this happens to us, we would also lose a lot of money, and I could never justify that to a CEO. I tried to find a technology solution for that case — but you can’t control Amazon, Google, or Microsoft, because the third party is a data center outside your control.

So I tried to find ways to fix it in insurance. I learned about parametric insurance, where you use technology to monitor risks. It’s typically used in farming to monitor floods or crops. I dug deeper and became more familiar with the model, what it is and how it works, and built technology around it to model cloud risk.

EnterpriseAM: Parametric insurance. still feels niche to many readers. How would you differentiate it from traditional cyber or business interruption cover?

BM: Traditional cyber or business interruption policies are indemnity-based. They require the insured to prove actual financial loss, demonstrate causation, and submit supporting documentation. Coverage is often subject to exclusions, sub-limits, waiting periods, and detailed adjustment processes. Payout is tied to quantified loss following investigation and claims assessment.

Parametric cover operates differently. It pays based on a predefined, objective trigger rather than assessed loss. In Mantas’ structure, that trigger is measurable infrastructure downtime at the cloud region or data-center level, as defined in the policy schedule. If the agreed availability threshold is breached, the payout amount is contractually predetermined. There is no requirement to evidence financial damage, no forensic loss adjustment, and no debate over causation.

It is also important to distinguish the underlying trigger mechanics. Traditional cyber policies are typically activated by a defined malicious cyber event, such as unauthorized access, ransomware, or a data breach affecting the insured’s systems. Mantas’ parametric policy, however, is triggered by objective downtime of cloud services at the public cloud provider level, irrespective of whether a malicious act occurred.

In short, cyber insurance responds to security incidents. Mantas’ parametric cover responds to infrastructure unavailability. The two address different risk layers within the digital operating stack and can operate in parallel rather than in competition.

EnterpriseAM: Why does this make more sense for cloud risk?

BM:Look at outages that happened last year, like the Amazon outage in November that lasted around 15 hours. When you try to quantify how much loss can happen to a business when the cloud is down, it goes beyond just systems being down, from revenue loss to, if it’s a popular, consumer-facing company, legal liabilities, reputational damage, customer churn, and loss of trust.

Calculate it for something like a food delivery app; even two hours of downtime means lost revenue, refunds, wallet credits, marketing campaigns — all of that is cost. For logistics companies, warehouses, or e-commerce providers, operating costs for delivery and systems stop because everything is halted. That’s a huge loss.

EnterpriseAM: Why do you think the industry underestimated these costs for so long?

BM: In our region, public cloud data centers are relatively new. Amazon Web Services launched its first Middle East region in Bahrain in 2019, followed by the UAE region in 2022, and has announced expansion into Saudi Arabia.

Before, dependency on the cloud wasn’t as high as it is today. People were still using on-prem solutions and local servers. To have faster access to data, we moved into the cloud, and that’s how it evolved. In the UAE, around 67% of businesses already host their core business processes on the cloud, according to SAP, which tells you how dependent companies have become.

EnterpriseAM: Your model relies on real-time monitoring and automatic payouts triggered by verified data. How hard is it to convince companies to trust code over a traditional claims adjuster?

BM: In practice, it is less difficult than many assume. Corporate clients already manage critical systems through automated controls, monitoring tools, and data-driven decision frameworks. Reliance on verified data is standard practice in modern enterprises.

The difference becomes clear at the claims stage. Traditional indemnity insurance requires proof of financial loss, documentation, and adjustment. That process can extend over months and often introduces uncertainty around interpretation and causation.

With parametric insurance, the structure is agreed in advance. The trigger conditions, measurement methodology, and payout amounts are defined at policy inception. When the contractual threshold is breached, the payout mechanism is activated without the need for post-event loss quantification. Ultimately, it is about removing ambiguity by predefining the rules and relying on objective data.

EnterpriseAM: Which sectors are most exposed to downtime risk?

BM:The most at risk are companies that rely 100% on online revenue — ecommerce platforms, food delivery companies, airlines, airports. Financial markets and exchanges are also critical. If a trading platform suffers an outage, it goes beyond lost transaction volume; it can mean losing trust in the business.

On mornings, focus, and switching off

EnterpriseAM: How do your mornings typically start?

BM:I start with light exposure as early as possible. I prefer to step outside and get a few minutes of direct sunlight. It helps regulate focus and energy for the rest of the day. After that, I check on my plants. It is a ritual I have maintained for nearly a decade. It creates a deliberate pause before the pace of the day accelerates.

I avoid jumping straight into calls or emails. I begin the day slowly and intentionally, then transition into work once I am mentally clear and structured. After that, I check my calendar, financial news, and anything happening in the market. I check in with my team for messages that came in overnight. Sometimes I have an early client or partner call before heading to the office.

EnterpriseAM: What takes up most of your day as CEO?

BM:We structure the company into task forces. I’m responsible for business development, sales, regulatory work, and fundraising. I work through priorities from highest to lowest, deciding what needs to be done immediately and what can be pushed to later in the day or the next day.

As a seed-stage startup, we’re extremely busy. Days start early and sometimes end late. We’re in the process of bringing in more team members to build with us. Our development team works in sprints, and technology is led by my co-founder and the engineering team.

EnterpriseAM: How do you prevent real-time risk monitoring from following you home?

BM:We designed the system so it does not require constant human supervision. Monitoring, trigger verification, and notifications operate automatically within predefined contractual and governance parameters. Our insurance partners and brokers have access to portfolio-level analytics through structured dashboards. If a predefined outage threshold is met, alerts are automatically routed to the relevant stakeholders without manual intervention.

Through Skyfeed, I am able to view aggregated signals across regions and cloud providers. It provides a macro perspective on infrastructure stability rather than operational noise. The intent is clear separation: the infrastructure monitors continuously, but leadership engagement remains strategic rather than reactive.

Still, I make a conscious effort not to open my laptop at night. I limit phone usage and keep my inbox disciplined, responding when necessary and leaving what can wait for the next day. On weekends, I disconnect intentionally. I play tennis, train, go diving in Fujairah, or head into the UAE desert for dune bashing. Sundays are quieter. I usually spend them reading or with friends.

EnterpriseAM: Does Ramadan change your routine?

BM:My morning routine stays the same, but by 3 or 4pm I feel exhausted. For those couple of hours, I can’t really function while fasting. After iftar, I break with friends and then work another two or three hours at night.

The thing is, it can actually be more productive because you can get a lot more done during the day since social activities are limited and planned in advance. For us, last year and this year, we’ve been very productive during Ramadan.

EnterpriseAM: Do you have a go-to spot for iftar or suhoor?

BM: I don’t have a specific go-to restaurant. I cook a lot and enjoy cooking at home. My favorite dish to cook is mujadara — lentils, rice, and onions — with arabic salad on the side.

Basil’s recommendation

Favorite film: Cinema Paradiso — an Italian classic. It captures the courage it takes to leave comfort behind and pursue your dreams. It is a meditation on dreams, sacrifice, and the cost of growth.