As design professionals, such as architects and engineers rely more heavily on technology, they become more exposed to cyber risks.
Operating on this premise, global carrier
XL Catlin has started offering cyber insurance as an optional coverage to its professional liability insurance for design professionals.
"From laptops to smartphones to interfacing with complex integrated design software, design professionals rely on technology just as much as any industry in their day-to-day project management and client relationship activities. One cyber incident can significantly compromise all that they and their firms have worked hard to build,” said Doug Strong, chief underwriting officer for XL Catlin's
Design Professional insurance business.
"A stolen laptop, a network hack or random computer virus can create enormous and costly consequences for a design firm's practice and reputation," added Joe Reynolds, XL Catlin's Design Professional executive underwriter.
The specialized product provides coverage for privacy and network security liability, data breach response, and supplementary payments.
