Cyber insurance for construction

Construction firms coordinate a lot of moving parts, whether obtaining materials from suppliers or dealing with subcontractors for different aspects of a job. Combined with an increased reliance on technology for record-keeping and logistics and the ubiquitous use of wire transfers to make and receive payments, 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.

Cyber insurance can help

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Protect you from cyber events affecting the supply chain

Construction companies rely heavily on their supply chain – any interruption to the supply of goods or services can significantly impact the delivery of a construction project, causing lengthy delays and rising costs.

So when a cyber event affects the supply chain of a construction company, it’s often inevitable that projects are put on hold. Before long, the construction company in question could be faced with mounting bills through no fault of its own.

Cyber insurance policies can limit the financial impact of a cyber event on a company’s supply chain, enabling construction companies to get back to work as quickly as possible.

Protect you from cyber events affecting the supply chain
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Recover fraudulent wire transfers

While construction firms don’t often hold significant amounts of sensitive data on their customers, that doesn’t mean they aren’t vulnerable to cybercrime. In fact, construction firms are particularly exposed to a particular type of cybercrime – wire transfer fraud.

Most construction companies work with a number of different suppliers who will invoice for goods and services provided. Companies choosing to pay these invoices electronically can fall victim to cybercriminals who intercept electronic payments and divert them to fraudulent accounts.

Find out what happened when cybercriminals stole a large payment from a construction firm by fraudulently impersonating one of its subcontractors.

Recover fraudulent wire transfers
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Limit the fallout of a cyber event

It isn’t always possible to prevent a cyber event. But if the worst should happen, good preparation and access to the right resources can spell the difference between a quick recovery with limited damage and a catastrophic impact to your business.

For construction companies battling to pick up the pieces after a cyber event, specialist cyber insurance policies are invaluable. Like firefighters being on hand to put out physical fires,cyber incident responders are on hand to help minimize the impact of a cyber attack.

Learn more about how the right cyber insurance provider can limit the fallout of a cyber event. 

Limit the fallout of a cyber event

Cyber insurance helps protect construction firms against the financial loss resulting from cyber attacks on you or own of your supply chain partners, the growing risk of funds transfer fraud, and much more.

Understanding your policy

Most cyber insurance policies consist of a variety of different coverage areas that work together to provide construction firms with a broad and affordable cyber insurance solution. Check out the major sections of cover in our policy to learn more about what each part does:

All of this is backed up by best-of-breed risk management services and expert cyber claims handling. Learn more about our cyber solution.

Over 60,000 businesses in 60 countries around the world trust CFC for their cyber insurance. Are you ready to join them?

Get in touch

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5 out of 5 stars

“For the SME client looking to protect themselves against cyber attacks and crime/social engineering fraud, the CFC policy
offers excellent coverage and good value.”
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