Cyber risk has become a leading issue for many organisations as awareness of cloud computing, social media, corporate Bring Your Own Device (BYOD) policies and big data has grown, especially in light of the recent malicious cyber attacks experienced by companies across the European Union (EU). In an increasingly punitive legal and regulatory environment, and in the face of more frequent contractual insurance requirements specifying cyber liability, forward-thinking companies are taking proactive steps to explore and transfer cyber risk.
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Construction Cyber Risks
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Aon Risk Solutions
Construction Cyber Risk and Solutions
Cyber risk has become a leading issue for many organisations as awareness of cloud
computing, social media, corporate Bring Your Own Device (BYOD) policies and big data has
grown, especially in light of the recent malicious cyber attacks experienced by companies
across the European Union (EU). In an increasingly punitive legal and regulatory environment,
and in the face of more frequent contractual insurance requirements specifying cyber liability,
forward-thinking companies are taking proactive steps to explore and transfer cyber risk.
When should organisations be concerned
about their cyber risk exposure?
Organisations should be concerned about cyber risk
if they:
• Gather, maintain, disseminate or store
private information
• Engage customers, subcontractors or additional
service providers
• Have a degree of dependency on electronic
processes or computer networks
• Are concerned about intentional acts by
rogue employees
• Are subject to regulatory statutes
• Are a public company subject to the ePrivacy
Directive notification requirements
• Are required to comply with Payment Card
Industry Data Security Standards (PCI DSS)
What are unique risks to Construction
organisations?
• Customer and suppliers financial information stored
• Building Information Modelling (BIM) and
Supervisory Control Data Acquisition (SCADA)
inter-connected systems targeted by hackers
• Theft of desirable information including
intellectual property, proprietary assets,
architectural drawings/specifications, building
schematics or blueprints
• Potentially large amounts of customer and
employee data held
• Business/service interruption or lost income due
to cyber incident
• Resources allocated to physical rather than
information and systems security
• Contractual agreement
Why aren’t standard insurance policies
enough?
While existing forms sometimes carry a level of
coverage, they were not intended to cover many
risks associated with an increasingly digital world.
Typical forms respond as follows:
• General Liability: covers bodily injury and
property damage, not economic loss
• Professional Indemnity: covers economic
damages resulting from a failure of defined
services only, and may contain exclusions for data
and privacy breaches
• Property: covers tangible property, which data
is not. Loss must be caused by a physical peril
while perils to data are more likely to be viruses
or hackers
• Crime: covers employees and generally only
money, securities and tangible property. No
coverageforthirdpartypropertysuchascustomer/
client data
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Joseph Addo
Product Manager
+44 (0)125 276 7191
joseph.addo@aon.co.uk