Re/insurance broker Willis Towers Watson has announced the launch of its CyCon cyber insurance solution, having concluding that cyber attacks and the failure of IT systems rank among the top risks facing the construction industry.
While the construction sector has continued to embrace and integrate more sophisticated technologies for project design, modeling, safety management and project delivery, its exposure to cyber risks has grown significantly.
Many construction companies increasingly hold sensitive data and rely on digital connectivity with business partners and subcontractors to exchange information, including employee records and business plans.
Subsequently, the industry’s exposure to cyber risk has been identified as a major threat to profitability.
“For construction companies operating and competing in today’s complex environment, the impact of a system failure or cyberattack could result in a range of losses, including contingent bodily injury and property damage, significant financial loss, reputational damage, litigation costs and regulatory fines for their business,” said Bill Noonan, North America Construction Industry leader, Willis Towers Watson.
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