Ensurance UK, the specialist construction MGA (Managing General Agent) and Lloyd’s Coverholder, has been appointed as a distributor for a cyber insurance product aimed to cover the UK construction sector
The newly available cover targets the UK construction sector and is designed to minimise business disruption caused by a cyber-attack or data breach and enable construction firms to get back on their feet as quickly as possible.
The product is available to any broker which holds a Toba with Ensurance and is backed by leading global speciality insurer Beazley.
Ensurance stated that the cover is available to any policyholder responsible for handling customer data, the product will provide access to Beazley Breach Response, a data breach response service, as well as coverage for first and third-party liability, cyber extortion, data protection loss and business interruption.
Ensurance UK CEO, Tim James said: “We have responded with a comprehensive product supported by Beazley that will offer flexibility on coverage and limits supported by excellent capacity.
“Most importantly the policy is supported by a dedicated team of experienced cyber breach professionals who assist policyholders at every stage of incident investigation and breach response.”
He added: “They co-ordinate the carefully vetted forensics experts and specialist lawyers to help establish what’s been compromised, assess responsibility, and notify those individuals affected. In addition, the support team manage credit or identity monitoring for customers and crisis communications.”
The construction sector may feel a bit removed from the more consumer-facing worlds of data-heavy businesses. However, the risk posed by cyber-attack is just as real when you consider the value of security information associated with a building.
Construction firms must recognise they are as much at risk as firms in any other sector as construction contributes enormously to the UK’s gross domestic product (GDP), making the industry a highly valuable target.