Why the Construction Industry Needs Cyber Liability Insurance

Cyber-attacks are ever present in our society. From large corporate breaches at Target to small mom and pop shops, these looming attacks threaten every sort of business. While the construction industry may not feel as though they are a common target, the fact of the matter is anyone who is connected to the Internet and processes or stores digital data is at risk. As we dive deeper into this issue and its threats on the industry, ensure your construction firm is protected with an Albuquerque Cyber Liability policy.

Even though large corporations are susceptible to immense breaches, small business are no different. Think about it: do you store your client information on your company laptop? Do you process credit card payments? Do you have access to a cloud-based storage system on your company networks? If you answered yes to any of these questions, you are at risk for cyber-attacks. Furthermore, many business owners feel as though their liability is shifted to the outside provider if they hire an outside company to manage their cloud storage. However, this is not the case.

Constructor Magazine states that there were over 117,000 cyber-attacks per day in 2014; that’s up nearly 50 percent from the previous year. The average cost of recovering from these attacks can exceed to million-dollar marker, creating even more of an urgency for this coverage. Even for companies who have the financial capital to survive these potential attacks, the aftermath would likely include laying off employees, raising the prices of goods and services, and offering less hours. Therefore, the short and long-term effects of going without this policy must be considered.

At Daniels Insurance, Inc., we have a unique understanding of the risk exposures that contractors face. With the backing of our comprehensive coverages and our dedication to customer service and quick claims resolution, your business is fully protected. For more information, contact us today at (855) 565-7616.