NEW YORK, Oct. 28, 2024 /PRNewswire/ — AXA XL created a new tailored cyber insurance endorsement designed to provide construction firms in the U.S. with enhanced protection against the rapidly evolving landscape of cyber threats.
According to Michelle Chia, Chief Underwriting Officer, Cyber in the Americas, “Every industry has its own unique set of challenges when it comes to cybersecurity. The construction industry is no exception. In fact, its growing reliance on various digital tools and data, such as 3D models, project management platforms, AI, Internet of Things devices, and supply chain management software, exposes construction companies to increased cyber risks. In collaboration with our Construction underwriters, we designed this endorsement to address the very specific cyber concerns of our construction clients.”
“Recent cyber-attacks in construction have caused delays, business disruption, financial losses, and brand damage,” said Greg Chambers, Cyber Underwriting Manager. “Contractors already operate on very tight profit margins. Having the right cyber insurance policy, tailored to their specific…
