Cyber insurance remains one of the UK’s most overlooked yet critically important protections. With more than half of businesses (53%) having already experienced an attack or faced a potential claim, it’s striking that only around 14% of businesses invest in cyber insurance.
For companies working in the sports and play construction sector, the risk is no less real. In an increasingly connected world, an attack of some kind is not a question of if, but when. Cyber insurance is no longer be optional, but as an essential layer of protection, safeguarding not just your business, but your reputation, operations, and future resilience.
Why it’s relevant for those working in construction
Contractors – Construction firms are increasingly at risk of suffering financial losses from cyber events. Ransomware attacks leading to business interruption losses and cybercrime like funds transfer fraud particularly affect this sector.
Manufacturing – Cyber criminals increasingly view manufacturers as high-value targets for financially -motivated cyber-attacks like extortion and ransom demands, or to disrupt operations and steel trade secrets.
Professional Services – Technology has made it easier to create, collaborate and deliver your services to customers both around the corner and around the world. But as your employees and your business move online, you also become a target for cybercrime.
For small & medium sized businesses, suffering a Cyber event when not insured can seriously threaten a business’ cash flow & in some circumstances survival of the business.
Examples of how cyber incidents can impact companies in the sector
• It’s not just about data breaches. Cyber incidents can impact supplier payments, project documentation, production systems and day-to-day operations.
• A fraudulent email results in a supplier payment being diverted to a criminal’s bank account, leaving the business out of pocket.
• A ransomware attack encrypts project files, quotations and contracts, delaying installations and disrupting ongoing projects.
• A cyber-attack impacts manufacturing or operational systems, leading to downtime, missed deadlines and lost revenue.
As a SAPCA member, Merlin Insurance Brokers, the approved insurance specialists, can provide companies with the following, which can demonstrate the need for insurance cover:
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Threat Review report specific to a business
A complimentary report on the footprint your business has in the public domain and the issues you should be addressing to reduce your Cyber risk.
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Ransomware calculator
Providing you with a realistic figure that your business could be held to ransom for.
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Risk Management
Support before & after a policy is in place.
For more information, contact David Garrad Dip IoD/Cert CII, Head of Construction & Corporate at Merlin Insurance Brokers Ltd.
Merlin will provide SAPCA members with a complimentary report.
david.garrad@merlininsurance.co.uk
Mob: 07488 294050
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