Everyone knows that cyber attacks happen, but there is a common misconception that these events are essentially limited to tech, healthcare and financial services companies.
Your contracting business is just as susceptible to cyber attacks. In the story of the now famous data breach at retailer Target, there’s a little-known subplot. An HVAC contractor that had worked at a number of Target locations was hacked, and it was this which led cyber criminals into the Target network. Failure to financially prepare for fallout from the often catastrophic losses associated with a data breach only increases the danger to your business.
Although you may think General Liability or Crime insurance covers you in the event of a costly cyber claim, this may not be true. Most policies contain exclusions for cyber incidents, or have low limits which afford very little real-world protection. Speaking from experience, we often work with businesses which have been led to believe they have sufficient coverage, only to discover upon review that their policies have substantial gaps.
If this seems like bad news, there’s a silver lining. Correctly implemented, Data Breach Coverage can directly protect your business from the financial impact of catastrophic, and stunningly frequent, cyber incidents. These policies will cover you for a broad range of possible issues including breaches linked to malware/crimeware, poor system security and employee carelessness.
When it comes to ensuring the safety of your business and that of your clients in an increasingly digitized world, there is no substitute for the power of solid data management policies combined with the right coverage. At EC&S, we are committed to serving contractors in the D.C. Metropolitan area and nationwide.
If you aren’t sure about the specifics of your coverage or would like advice in navigating this complex issue, visit our website or give us a call at 301-948-5800.