In May 2017, a construction firm was hit by the WannaCry ransomware which encrypted all the data files on their server, as well as back-up data that was stored on a local hard drive. This included project information, invoices, payroll details, designs, and blueprints. Not having access to these items was going to cause extensive project delays and disrupt the business’s day to day operations which in turn could seriously impact their relationships with clients.
Firstly, the firm attempted to restore a back up from the cloud however they discovered that their cloud backup had been failing for several years, meaning all their files and data was irrecoverable. To purchase a new server, deal with these initial stages and attempt to recover the data, the firm was already at a loss of £15,000. Further costs of almost £150,000 were then incurred in recreating the lost data, leading to a total loss of £165,000 as a result of the ransomware attack. Fortunately, the construction firm had a cyber insurance policy through our cyber partner, which covered the costs associated in recovering and recreating the data, ensuring the firm was not left with the full financial burden of the attack.
Construction businesses have not been the quickest to adopt cyber insurance policies, assuming their risk is limited as they do not regularly handle or store personal information. However, any business that relies on computer systems to generate or store business-critical information will be exposed to cyber risks and therefore it is vital to have this cover in place.
To learn more about our Cyber Insurance offering, please click here.