Kaitlin H. Upchurch said in a recent report that construction firms should consider cyber risk management services now, as they increasingly migrate operations to adopt technology and computer systems.
Upchurch is managing director at Wortham, a partner firm of Assurex Global, a leading privately held commercial insurance
, risk management and employee benefits brokerage group.
“Indeed, today, larger volumes of information are being shared electronically among contractors and various project participants. Some of this is proprietary or highly sensitive, including building plans, blueprints, and employees’ and 1099 contract workers’ personally identifiable information (PII), such as Social Security numbers, driver’s licenses, (and) birth dates, etc., that often is targeted by hackers,” she observed.
The insurance executive further explained that insurance companies can only do so much in helping construction firms manage cyber risk. She stressed that it is incumbent upon contractors to undertake a rigorous inventory of their technology and cyber risks, as well as develop a systematic and comprehensive approach to address them.
“Given the escalating number and costs of cyber-attacks, that important work can mean the difference between a contractor’s success and failure,” Upchurch emphasized.
Further, she said, “(contractors) also should review all policy wording carefully and assess whether coverage provided is adequate and meets their needs.”