Cyber Insurance: 4 reasons to protect your construction business

Published date: 27 March 2018

If you think your business is immune to cyber criminals or hackers then think again. In the last few years, UK businesses of all sectors and sizes have seen cyber-attacks and privacy threats increase tremendously. In fact, 2.9 million of UK businesses were affected by it in 2016 and the reality is numbers are only ever increasing.

So, with the construction world becoming more digitalized and endlessly contributing heavily to the UK’s gross domestic product (GDP), this is one attractive industry that needs protecting – and that’s where cyber insurance could come in handy. Here are 4 reasons why it is worth investing in a cyber liability insurance policy for your business:

  1. Small or big business – you are a target

If you think you are unlikely to be targeted due to your business being small, think again. In fact, small and medium businesses are more likely to be affected, due to hackers expecting the lowest protection. Only £2,600 was invested by small companies for cyber protection in 2016 and an estimated only 39% of small businesses sought protection in 2017, leaving a large amount incredibly vulnerable.  Regardless of the limited data your business may have, if you have high quality data or, converse with bigger companies, hackers will look for all types of information.

  1. Protects your computers

As obvious as it seems, computers are generally used in all businesses. Staff in construction rely on their computers to not only advertise their company but use it to communicate with clients and contractors. Day-to-day operations will be hugely affected and all data will be lost. All businesses are at cyber risk and it is encouraging to know that your business will always be protected to some degree.

  1. Customer trust

Construction businesses rely heavily on client relationships and with businesses having a legal obligation to ensure customer and client’s data. It is essential that they know how much they are valued and protected. Hacking has the potential to steal confidential information and create a monumental impact to the business and reputation.  If customers are assured that their information is protected, your businesses’ reputation will be high, with customers realising you are taking the extra precautions to enable their safety and that it is of high importance.

  1. Saving money if something does go wrong

If you ultimately do fall victim to a cybercrime, the cost of repair is a lot. It could potentially damage your business in the future, therefore insurance cover is a worthy investment. Losing data will not only lose customers, but the cost of business interruption, insurance increase, privacy fines and legal expenses will ultimately cost a lot of time and money. It is extremely likely your business could not financially survive a cyber- attack.

 

Looking at all these reasons and more, it is clear to see owning cyber insurance will immensely benefit your business for extra security, and with the internet and technology developing, it is important to stay on top of the trends and fight the increasing number of cyber- crime.

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