TZL 1346

11

O P I N I O N

Focus on cyber risk insurance

T here’s an increased wave of cybercrime. It involves costly ransomware and cyberextortion attacks against numerous businesses of all sizes and government entities and serves to underscore the need for design firms to be adequately prepared and protected. Firms should evaluate their services, internal IT systems and controls, and check their insurance to make sure they have the protection they need.

resources, and marketing, need the engagement of each function, along with their risk/insurance advisor. Notably, having a cyber insurance policy in place brings resources available from the insurance carrier; whether up front advice or forensic, technical expertise during and after a cyber-event. “For many design firms, the utilization of technology tools has become a growing part of their standard services, which brings greater and different risk.”

Rob Hughes

For AEC firms of any size, the impact of cyberattacks can be devastating. They can result in everything from extended disruption of services and damage to computer software and hardware to significant repair costs and enduring reputational damage. Indeed, a growing number of design firms have been victimized by hacking incidents. They’ve suffered from efforts to fraudulently secure wire transfers of monies, actually shutting down a design firm’s computer system for a week, and more. UNDERSTAND POLICY DIFFERENCES. Today, building a proactive risk management program to address cyber risks requires enterprise-wide participation and collaboration. Large firms with departmental

functions, such as finance/accounting, information technology, security, human

See ROB HUGHES, page 12

THE ZWEIG LETTER MAY 25, 2020, ISSUE 1346

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