BUSINESS SUPPORT XXXXXXX YOUR FMB CYBER INSURANCE
Have you considered the security of your digital systems? You should, says FMB Director of Insurance Emma Whyatt DIGITAL DEFENCE
T he construction industry is undergoing a digital revolution, with technologies such as Building Information Modeling (BIM), cloud-based project management software, and drones enhancing efficiency and competitiveness. While these innovations bring big benefits, they also open the door to cybersecurity risks that could threaten the future of your business. Digital vulnerabilities As construction companies become more interconnected, the threat of cyberattacks grows. Cybercriminals increasingly target the sector, exploiting financial transactions, supply chains, and high-stake projects. Attacks such as ransomware, phishing, and data breaches are on the rise, with remote workers and subcontractors being key targets. A ransomware attack can lock down essential systems, causing costly delays and disruptions. Additionally, a weak link in the supply chain can give cybercriminals access to larger firms. Why is construction a target? While construction may not be an obvious focus for cybercrime, its characteristics make it a likely target. Cybercriminals are drawn to construction companies for access to financial
● Cyber insurance: Invest in cyber insurance to protect your business from financial losses in the event of a breach or attack. This can help to mitigate the costs of recovery, legal fees, and potential damages, offering a safety net for your business. Staying ahead in a digital world As the construction industry becomes more digital, staying ahead of cyberthreats is crucial. By being proactive, you can protect your business from the devastating impact of cyberattacks. In today’s connected world, cybersecurity isn’t just an IT concern, it’s a critical business necessity. Cyber insurance: your safety net Cyber insurance is becoming a must-have for construction firms. FMB Insurance Services Ltd can arrange cover specifically for construction firms, protecting them against risks such as misdirected funds or supply chain vulnerabilities. To ensure your business is fully protected, request a quote from FMB Insurance today on 01353 652760 or email insurance@fmb.org.uk .
transactions, project information, and key industry contacts. A successful attack can result in serious financial losses, major disruption to critical projects or damage your company’s reputation and client relationships. Protecting your business So, how can construction companies safeguard themselves against risks? ● Training: Educating yourself and your team on identifying phishing scams and safe data practices is crucial. Cybercriminals often exploit human error, so equipping yourself with the knowledge to recognise suspicious activity can make a big difference. According to Beazley, Cyber Insurers,
more than 50 per cent of cyber insurance claims could have been prevented with better awareness and staff education.
● Security audits: Regularly review your systems to spot vulnerabilities. It’s easier to address small issues before they become big problems. ● Multi-factor authentication: Adding an extra layer of security to your systems can significantly reduce the chances of unauthorised access. You’ll likely already be using this on your phone for things like WhatsApp, social media, or your banking accounts. ● Incident response plan: Be ready for the worst. Having a clear plan in place to handle cyber incidents will help you recover quickly and minimise the impact on your operations.
How do I find out more? FMB Insurance can manage all of your business protection needs under one roof, delivering the right policies
for the right situations. Insurance and warranty products include cyber insurance, building work guarantees, contract works insurance, public and employers’ liability insurance and more.
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www.fmb.org.uk
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