With builders increasingly reliant on computers and technology for communication, record keeping, and managing their business, it’s important to consider how to protect your own business from technology-related incidents, which, only a few years ago, would have seemed futuristic and far-fetched.

These days, almost everyone has been on the receiving end of an email containing a virus or malware, with the damage ranging from minor frustration to significant loss of system functionality and data. Many viruses now are undetectable for an extended period, with hackers able to review your files, steal sensitive information and even hold you to ransom to regain information and system access.

Cyber incidents can even be as simple and innocent as sending an email with sensitive information to the wrong recipient, or attaching the wrong file to an email. Others can be more malicious and intentional, with hackers installing “ransomware” which can delete, copy, or deny access to critical business information, or phishing emails sent to key employees where seemingly reasonable invoices or payment demands are received, which can result in payments being made to hackers rather than subcontractors.

Cyber insurance provides cover across several different sections.

Privacy breach – provides protection against third party claims for loss of:

• Personal, corporate, or employee information
• Coverage typically includes defence costs.

System damage – cover for lost, damaged or destroyed

• IT systems
• IT records/data
• Coverage includes retrieving, repairing, restoring, or replacing data, systems or hardware, as well as external IT forensic or security consultant costs

Business interruption – cover for loss of profits due to a cyber event

Computer virus and hacking – cover includes:

• Loss or theft of your data, or data for which you are responsible – i.e. customer data, or plans
• Attacks by employees and third parties both typically covered
• Loss caused by phishing emails or denials of service attacks.

Multimedia liability –

• Protection against online libel, slander or defamation
• Coverage includes infringement of copyright, trademarks and trade names
• Cover extends to all of your marketing material – including both digital and print.

Extortion –

• Payment of ransom
• Costs of negotiating and mediating due to extortion attempt.

Privacy fines and investigations –

• Cover includes fines and penalties incurred by you due to a privacy breach
• Includes cover for your defence and investigation costs.

Cyber insurers offer a 24/7 response unit to provide you with immediate support for all cyber incidents and data breaches.

Cyber attacks have increased significantly over recent years, and are showing no signs of slowing down. The team at MBA Insurance Services can provide you with a quotation for cyber insurance to protect you from technology-related risks.

Contact MBAIS at 1 800 150 888 for information.